Closed residential real estate transactions during the second quarter of 2014 slackened in relation to the same period last year. Realtors participating in the Hudson Gateway Multiple Listing Service, serving Westchester, Putnam, Rockland and Orange Counties, reported 3,195 closings in the four counties, a decrease of 9.2% from the 3,519 closings reported during the second quarter of last year. These grand totals comprised sales of single family houses, condominiums, cooperatives and 2-4 family dwellings.
The second quarter closings largely reflected listing and showing activity that took place during the early months of the year. Many data providers and analysts, including the National Association of Realtors, ascribe at least some of the slowdown in sales here and nationally to exceptionally difficult winter weather conditions that discouraged prospective purchasers from getting out and researching properties of interest. The lower Hudson region undoubtedly experienced some of that effect, but in our case there may also have been an equal or even larger effect from a simple market correction of the fast pace of sales in 2013 and the first quarter of 2014.
Westchester and Orange Counties experienced the largest percentage year to year falloffs in sales at 12.0% and 12.2% respectively. In Westchester the slowdown was concentrated in the single family house sector, 13.5%, followed by condominiums, 10.1%. Orange County’s single family house sales were down by 12.1%. Putnam County sales were down by just 2.9%. Rockland County stood out from its neighbors with an actual overall increase of 6.2%. Continue reading this report here.
To compare this report with earlier reports, visit at HGAR.com.
