Realtor group: Westchester home sales drop in 4th quarter of 2022
A realtor group says residential home sales in Westchester dropped in the fourth quarter of 2022, while the median sales price rose slightly.
Leah Caro, president of Park Sterling Realty, says the report released by the Hudson Gateway Association of Realtors shows that the "sky is not falling."
The report shows that sales went down 12.6% compared to the same period in 2021, while the median sale price of a single-family home went up 4 1/2% to $815,000.
Caro says the big issue is inventory.
It's both a blessing and a curse," says Caro. "The number of homes for sale is once again lower than it's been, so for the seller that's actually a positive thing.
Caro says right now it's a seller's market. She says homes go on the market and sell quickly.
Caro recommends that buyers get a new pre-approval when going for a mortgage to see if the higher interest rates have affected what they are able to afford.