New York saw just a 1.9% year over year rise in median home prices. Meanwhile home sales increased 58.7%!
Chicago, IL (PRWEB) May 25, 2014
Many New York City areas experienced year over year 1st quarter increases in both median home prices and sales. However, Peoples Home Equity found that for the most part, sales have shadowed over home price increases. Areas (zip codes) that experienced the highest price increases were neighborhoods with million dollar homes.
According to the latest "New York City and Area Home Sale Activity” report from DQnews.com, New York saw just a 1.9% year over year rise in median home prices. Meanwhile home sales increased 58.7%! The vast discrepancy between the slightly positive price growth and the jump in sales is due to the fact that sales increased across all areas regardless of whether prices rose or not.
Please note: while DWnews.com recorded price and sales data for Bronx, King, Nassau, New York, Queens, Richmond, Rockland, Sufffolk, Westchester, Bergen, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union neighborhoods, this piece will focus on only the New York area.
Peoples Home Equity noticed that the overall best performing zip code of New York was 10009 which experienced 10009 a 74.7% price increase to $650,000 from first quarter of 2014. This area has been recorded as seeing an 83.3% rise in home sales based on 22 transactions. Understandably the zip codes with the highest home sales were also those with some of the largest price declines. Americans must have picked up properties sold at a discount in zip codes: 10030, 10004, and 10035 which respectively saw 600%, 500%, and 391% increases in sales. Areas with the highest volume were zip codes: 10023, 10011, and 10022 with 233, 209, and 187 transactions. These zip codes had much higher positive changes in home sales versus their price changes.
Peoples Home Equity believes now is the time to get approved for a home loan since the increase in home prices have slowed despite the seasonal resurgence in demand. If New York City real estate seems intriguing, at least get approved for a home loan since sellers take bidding with mortgage pre-approvals more seriously.
Stay tuned as Peoples Home Equity will soon report the progress of other major areas surrounding York area in the 1st quarter of 2014.