The Real Deal: Housing inventories remain tight in New York
Spring and summer are usually the most popular times to buy and sell homes.
With mortgage rates not dropping any time soon and inventory short in many towns, homeowners and buyers may be wondering what to do.
Caleb Silver, of Investopedia, sheds some light on what's happening in our area.
"Housing inventories throughout New York, for the most part, have remained very tight and continue to fall in Westchester County. Inventory is down 14.3% in New York City, just down 2.9%. Suffolk County's seen just a 1% decline. And Nassau County, the outlier here, has actually seen an increase in housing inventory, about 1.4% year over year," Silver says.
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The low inventory is translating into higher home prices, according to Silver.
More young families are staying put and continuing to rent. Many single people who moved in with their parents during the pandemic are staying put as rental prices keep escalating.