The pace of Queens home sales reached its second-highest rate of 2014 in September, but was slightly slower than the previous month and remains below 2013 levels. Prices however, saw an increase over last year, but remained the same as last month’s median home price. Prices continue to post year-over-year gains, but at a slower pace than earlier in the year. Interest recently saw a small increase, but a steady rise in rates does not yet appear to have materialized as a broader trend.
Month’s Supply: 6.9 Months (Last Month: 7.9 Months)
30-year rates increased 13 basis points from the same week of the previous month, showing the first significant movement in rates in recent months. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.23%; 15-year fixed rate, 3.37%; 5/1-year adjustable rate, 3.06%.
Queens NY Home Sales
The seasonally adjusted annualized pace of Queens home sales dropped 3.9% in September compared to the previous month. Queens home sales were down 9.5% compared to last September which posted one of the highest pace of sales in 2013. Residential home sales are down 9.5%, Condo home sales are down 14%, and Coop home sales are down 8.4% from this time last year.
Queens NY Home Prices
Queens NY home prices remained the same in September, with median home price coming in at $400,000. However, year-over-year prices continue to increase, with September showing an increase of 7.4%. Year-over-year price gains in the 4–6% range are a continued indication that the Queens housing market has returned to a more stable balance between available inventory and the pace of home sales. However, in many areas across the county, there is still an uneven balance of high demand and very limited inventory. Average home prices came in at $449,465, an increase of 3.6% compared to this time last year. Residential home sales are up 2.7%, Condo home sales are up 16.8%, and Coop home sales are up 10.6% from this time last year.
Queens NY Housing Inventory
The number of Queens homes available for sale was down 22% from last year, with 4,707 homes, coops, and condos available for sale in September. That translates to 6.9 months of supply, keeping the market slightly in favor of sellers. With less Queens homes on the market, buyers will have even less options, and in many local markets timeliness will still be a factor when putting in an offer on a home.
Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.