Home sales continued to decrease in January, significantly below last year, however, inventory ticked up slightly. In response to the low inventory levels and low interest rates, prices increased on a monthly basis; however, the yearly increase remained in the 4%–6% range for the third consecutive month now, a positive sign that home price growth has stabilized at a more sustainable level. Recently announced programs aimed at increasing credit accessibility to first-time home buyers and low-to-moderate income borrowers will likely stimulate market demand for Queens’ homes in 2015.
Month’s Supply: 5.6 Months – Last Month: 5.5 Months – Last Year: 6.6 Months
30-year rates remain below 4% after dipping in December due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.63%; 15-year fixed rate, 2.93%; 5/1-year adjustable rate, 2.83%.
Queens NY Home Sales
The seasonally adjusted annualized rate of home sales for Queens County decreased year-over-year for a tenth consecutive month in January to reach 567 homes, coops, and condos sold. The pace of sales decreased 24.7% below last month’s sales pace, and was 16.4% below the same month of the previous year. The current accommodative interest rates will hopefully support stronger sales in the near future. Residential 1-3 family home sales are down 14.7%, Condo sales are down 20.3%, and Coop sales are down 17.7% from the same time last year.
Queens NY Home Prices
The median home price for Queens County in January was $420,000, according to the Long Island Board of Realtors. This was 5% above the previous month and 13.5% above the previous year. This was the seventh consecutive month of year over year increases in home prices. Residential 1-3 family home prices are up 14.8%, Condo prices are down 3.4%, and Coop prices are up 10.5% from the same time last year.
Queens NY Housing Inventory
The number of homes available decreased 25.3% compared to the same month of the previous year, with 3,989 Queens homes available for sale in January. This translated to 5.6 months of supply. The decrease in pace of sales is adding to already tightening inventory conditions so inventory will likely remain low during the cooler months of the year, and then loosen as the weather warms.
Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.