Westchester, NY Homes Prices Stabilizing - Boom Is Over
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The bad news is that the housing boom in one of the hottest regions in America is over. The good news, home prices are not falling out of bed. They have stabilized with solid single digit year over year increases. The overall pricing is down since last summer, but there is not a complete meltdown of pricing as many have suggested as possible.
It was the sixth consecutive quarter of single-digit increases, and the Westchester-Putnam Multiple Listing Service proclaimed that after eight years, “The boom is over.”
“Our area has made a relatively gentle descent to a more sustainable level of sales volume and price increases,” the group said in its report on first-quarter sales. The number of houses sold was down 14 percent from a year ago and the number of available houses was up by a third.
It said that for the rest of the year, “price increases probably will level off to a percentage point or two more than underlying inflation. … In short, no more records for a while but no big trouble, either.”
The record median price for Westchester was set last summer at $711,700. In the fall, the median price was $652,250. Prices are typically highest in summer.
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Damn mainstream news and media! That is why I listen to NPR! 
