The Real Deal: New York sees home price declines over the past year
Most houses go up for sale in the spring - which means the deals happen around now.
But with mortgage rates high, that may not be true in these times. Caleb Silver, of Investopedia, says home sales are down.
"When we look at the major counties we tracked, New York City, got hit the worst, down 29%. Suffolk County down 18%, Westchester down 18.8%, and Nassau County down 21%. Home prices also started to fall a little bit across most of those counties," says Silver.
MORE: The Real Deal
New York is the only state in the tri-state area that actually saw home price declines over the past year. That said, Silver says, inventory is still very tight and prices are high, especially in and around New York City.
With fewer houses for sale, more people are looking for rentals. New York City rents are predicted to be the highest in the country in 2023.
Silver expects mortgage rates to remain high in 2023, and inventory tight in the New York City area.
If you have a story idea, question or tip, click here to reach out to Janice.