July 2024 Queens Report

Page 1


Monthly Indicators

georgerivera@danielgale.com P: 917.299.9463

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

Locally:

•Single Family Closed Sales were up 0.4 percent to 240.

•Condo Closed Sales were down 17.9 percent to 64.

•Co-Op Closed Sales were down 2.3 percent to 217.

•All Properties Closed Sales were down 3.3 percent to 521.

•Single Family Median Sales Price increased 9.0 percent to $850,000.

•Condo Median Sales Price increased 4.9 percent to $569,000.

•Co-Op Median Sales Price increased 1.2 percent to $320,000.

•All Properties Median Sales Price increased 7.5 percent to $586,000.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

One-Year Change in Closed Sales All Properties

One-Year Change in Homes for Sale All Properties One-Year Change in Median Sales Price All Properties +7.5%

Single-Family Homes Activity Overview

Condos Activity Overview

Co-Op Activity Overview

Pending Sales

Closed Sales

Total Market Overview

Single-Family Homes Activity Overview

Condos Activity Overview

Co-Op Activity Overview

metrics for Co-Op Properties Only for the report month and for year-to-date (YTD) starting from the first of the year.

New Listings

Year to Date

Pending Sales

Closed Sales

Year to Date

Days on Market Until Sale

Year to Date

Median Pending Price

Year to Date

Median Sales Price

Year to Date

Percent of Original List Price Received

Year to Date

Single Family ResidenceCondominiumCo-Op

Housing Affordability Index

This index measures housing affordability for the region. For example, an index of 120 means the

Year to Date

Inventory of Homes for Sale

Months Supply of Inventory

Total Market Overview

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.