Westchester Home Prices Stabilize; Realtors Say Boom Is Over
WHITE PLAINS, N.Y. (AP) -- The median selling price of a house in Westchester this winter was $650,000, up just 5.7 percent over a year, a real estate agents' group announced Wednesday.
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.
In Putnam County, the median price for a house was $375,000, down 8.5 percent from the year before, the group said. The Greater Hudson Valley Multiple Listing Service reported earlier this month that the median price of a Rockland County house was up 8.4 percent to $490,000.
Condos and co-ops in Westchester and Putnam also showed single-digit gains.
Lerner, Cumbo & Associates, Inc.
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