Deep Dive: Home prices leveling in the Empire State; Long Island has biggest increase
News 12's Kristie Reeter and Investopedia's Caleb Silver take a deep dive into home prices in New York.
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Apr 22, 2022, 11:09 AM
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Updated 979 days ago
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8ds agoMortgage rates have been rising, impacting buyers and
renters. A new survey in the tri-state shows that people are losing confidence
that they will ever own a home.
News 12's Kristie Reeter and Investopedia's Caleb Silver
take a deep dive into home prices in New York.
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We are seeing rising prices and tight inventory.
"But maybe a leveling off across the Empire State. The
big increases though, out on Long Island. Suffolk County up 15.4%, Westchester
down to 10.5%, Nassau County 9.9%, and New York City 7.2%. So finally a little
leveling in NYC, but the single family homes there [are]
still very expensive," says Silver.
What does it mean for those who are looking to buy or for
those who are renting?
"We are seeing those rising mortgage costs. A 30-year
fixed now nationally about 5%, in New York it is around 5.26%, so that's higher,
inventory is still pretty tight. Prices rarely fall around this area, they
might stabilize a little bit, but I don't see them going down any time
soon," says Silver.
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