Is the housing market actually slowing down in New York?
There’s been a lot of talk across the U.S. about a housing market downturn, home prices sliding, and interest rate hikes.
To be clear, there’s no debating the interest rate hikes. They’re as obvious as any observable trend in the economy-at-large.
That said, some new reporting by Realtor.com shows that home prices are not dropping everywhere.
Take Steuben County for example. The average home listed for $204,000 in September. That’s up around $5,000 or 3% from the previous month. It represented an 11.5% increase from a year prior.
The same analysis found that homes are staying on the market for a few days longer than they were during the summer months, but in Steuben County’s case, there are also 15 fewer units (on average) added to the market compared to 2021.
The bottom line is that housing will continue to be a regional issue. While some communities will undoubtedly see reduction in prices over the next 12 months – others could easily see continued increases based on available stock and demand.