Economic Perspectives

At the Quarter Pole: a Look at Housing Activity in New York and New Jersey

Authored by Brian Jones, FHLBNY Financial Economist

Highlights

May 20, 2019

• Existing home sales in New York and New Jersey appear poised for a spring rebound
• Tight supplies will continue to constrain local home purchases over the foreseeable future
• Median home prices remain on uptrends, reducing buyer affordability
• Despite higher selling prices, supply logjam will not end anytime soon
• Price increases may slow, yet the Empire and Garden States will largely remain sellers markets

Constrained by a variety of factors – reduced affordability, limited supplies and inclement weather conditions – closings on existing dwellings in New York and New Jersey averaged almost…

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