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Westchester, Long Island Now 'Overvalued Housing Markets' Following Pandemic Boom, Report Says
Homes in some parts of downstate New York are being considered “overvalued” amid the current housing bubble, according to a new Fortune Magazine report.
Fortune studied home price growth, which is wildly outpacing income growth across the country, with different areas across the US considered “overvalued," “undervalued,” or "normal."
Specifically, in downstate New York, both Suffolk and Nassau counties, as well as Westchester have been listed as being "overvalued," the report states. Other counties upstate also earned the distinction, while markets in the rest of the state have remain…
Westchester Real Estate Sales Down In First Quarter, New Report Says
Real estate sales in Westchester dipped by 1.9 percent in the first quarter of this year, compared to 2017, although median sales prices continue to rise.
In its latest market report, Westchester Real Estate Inc. reported that 1,899 properties were sold in the first three months of 2018, compared to 1,933 during the same period last year.
Sales of single-family homes dropped by 5 percent in the first quarter of this year "due to continued lack of inventory,'' the report said.
The good news for sellers, however, is median sales price for single-family homes rose about 1.9 percent from …
