market

New York Perspective: U.S. Housing Market Gains Momentum as Spring Arrives

By Columbus International,7 May 2025

National housing transactions surge 23% while New York region watches median prices reach $435,000

The traditional spring momentum in the U.S. residential real estate market has arrived with impressive force, according to the latest RE/MAX USA Market Housing Report. March data reveals a substantial 23% month-over-month increase in housing transactions across the 50 metropolitan areas analyzed, marking the largest monthly gain since March 2023’s 37.4% surge.

Market Fundamentals Strengthen, New York Investors Take Note

This sales acceleration comes amid growing inventory, with available homes for sale increasing 8% from February and a remarkable 35.5% year-over-year. New listings have played a critical role in this inventory expansion, jumping 29.8% from February and 7.9% compared to March 2024.

Meanwhile, the median home price reached $435,000 in March, representing a $8,000 increase (1.8%) from February and a $15,000 gain (3.5%) from the previous year. For New York-based real estate investors looking beyond the high-priced metropolitan area for yield opportunities, these national figures represent potential in markets with stronger growth trajectories and lower entry points.

“The arrival of spring, traditionally the most active season for real estate, coupled with increased sales and inventory, could drive further market acceleration,” notes Erik Carlson, CEO of RE/MAX Holdings. “With solid housing availability and stable interest rates—with potential reductions on the horizon—many buyers view current market conditions as the most favorable in recent years.”

New York Regional Context

While Washington D.C. led all metropolitan areas with a 25.3% month-over-month inventory increase, the New York metropolitan region is navigating its own market dynamics within the national spring uptick. The Tri-State area continues to be influenced by the broader national trends of increasing inventory and strong pricing.

According to Bryan Cantio of RE/MAX Allegiance in Washington D.C., this growth became particularly evident mid-month: “We’ve observed gradual inventory increases since January, but the market accelerated more decisively by mid-March. This represents a positive development for buyers who have faced housing shortages for nearly two decades, while sellers will likely need to adapt to greater market uncertainty.”

For New York-based investors and homeowners, these national patterns provide context for local market conditions, where proximity to financial markets and the region’s unique housing density create distinctive market characteristics.

Key Performance Metrics

The RE/MAX report highlighted several other significant market indicators:

Buyers paid an average of 99% of asking price, consistent with both February 2025 and March 2024 figures
Homes sold in an average of 44 days, down from 51 days in February but still five days longer than March 2024
Housing supply measured 2.3 months, below February’s 2.7 months but above the 1.7 months recorded last year

Top Markets for New Listings

The metropolitan areas recording the strongest year-over-year growth in new listings were:

Las Vegas: +28%
Nashville: +26.5%
Manchester: +26.3%

Conversely, Birmingham (-13.4%), Minneapolis (-12.7%), and Des Moines (-12%) experienced the most significant declines.

Transaction Leaders and Laggards

While overall transactions decreased 1.4% year-over-year, certain markets outperformed:

San Francisco: +13.3%
Fayetteville: +9.9%
Dover: +8.4%

Markets showing the steepest annual transaction declines included Bozeman (-11.9%), New Orleans (-11.7%), and Atlanta (-9.5%).

Price Trends and Market Dynamics

Burlington led all markets with a striking 22.4% year-over-year price increase, followed by Trenton (+9.7%) and Fayetteville (+8.8%). Price decreases were most pronounced in Honolulu (-4.5%), Omaha (-3.2%), and New Orleans (-1.8%).

The sale-to-list price ratio reveals additional market dynamics. San Francisco (104.8%), Hartford (103.3%), and Trenton (101.3%) commanded the highest ratios, indicating properties selling above asking price. Miami (94.1%), Bozeman (96.2%), and Tampa/New Orleans (both 96.6%) recorded the lowest ratios.

Market Velocity

Properties sold fastest in Washington D.C. (16 days), Baltimore (17 days), Manchester (17 days), and Philadelphia (18 days). The slowest-moving markets were Bozeman (84 days), Fayetteville (80 days), and New Orleans/Miami (both 75 days).

With inventory levels continuing to rise and spring market momentum building, the residential real estate market appears positioned for an active season ahead, balancing increased choices for buyers with potentially shifting dynamics for sellers. For New York-based readers watching both local and national housing trends, this data offers valuable insights for portfolio diversification beyond the city’s borders, while highlighting the broader economic currents affecting real estate from Manhattan to Miami.

Challenges and Hope: The Roller Coaster Ride of US Home Sales in 2023

By Columbus International,23 January 2024

In 2023, the US housing market faced significant headwinds, resulting in a nearly 30-year low in previously occupied home sales. Rising mortgage rates, soaring prices, and limited inventory created a challenging landscape for prospective homeowners. According to the National Association of Realtors (NAR), existing home sales plummeted to 4.09 million last year, marking an 18.7% decline from 2022. This represents the weakest year for home sales since 1995 and the most substantial annual drop since the housing slump of 2007. The median national home price reached a record high of $389,800, experiencing a modest uptick of just under 1% for the entire year, as reported by the NAR. The surge in mortgage rates in 2023, reaching a two-decade high of 7.08% in late October, added to the challenges.

The Federal Reserve’s efforts to cool the economy and control inflation contributed to this increase. High borrowing costs, coupled with already soaring home prices, constrained the purchasing power of potential homebuyers. However, there’s a glimmer of hope on the horizon. Mortgage rates have been easing since November, aligning with a decrease in the 10-year Treasury yield. The optimism stems from the belief that inflation has subsided enough for the Federal Reserve to consider cutting interest rates this year. As of this week, the average rate on a 30-year home loan stands at 6.6%, according to Freddie Mac. Economists anticipate further rate easing, which could boost demand as the spring homebuying season approaches in late February. Despite the positive outlook, the current average rate remains significantly higher than two years ago when it stood at 3.56%. This substantial gap has contributed to a limited supply of previously occupied homes on the market, as homeowners with rock-bottom rates hesitate to sell. In December, existing home sales declined by 1% from the previous month, reaching a seasonally adjusted annual rate of 3.78 million—the slowest pace since August 2010, according to the NAR. December’s sales fell by 6.2% from a year earlier, missing economists’ expectations. Lawrence Yun, the NAR’s chief economist, remains cautiously optimistic, stating, “The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.” While challenges persist, there is anticipation for a positive shift in the housing market as we step into the new year.

Source: New York Post

Real Estate Market Downturn: Notarial Data Confirms Declining Trend

By Columbus International,25 October 2023

New notarial data confirms a marked decrease in sales in the real estate market. According to the semi-annual Observatory of the National Council of Notaries, in the period from January to June, property transactions fell by 8.7%, while mortgages experienced a decline of 29.3% compared to the same period in the previous year. Although there are methodological differences with the data released by the Revenue Agency, the overall trend of market reduction is undeniable.

The Notarial Observatory points out that the decrease in purchases primarily concerns first homes. This aligns with the fact that non-facilitated properties, often destined for non-residential uses, tend to be paid for in cash, especially in a context of rising mortgage rates. Currently, many Italian families have liquidity, as evidenced by deposits in current accounts amounting to 1,764 billion euros in the previous September. However, economic uncertainty and the expectation of potential price declines may be among the reasons holding back purchases.

Analyzing the data in detail, it emerges that the decrease in transactions was progressive over the semester: -2.7% in the first two months, -4.8% in the first quarter, and -1% in the second quarter of 2023. Transactions of first homes between private parties experienced a reduction of 11%, while those from companies registered a decline of 34.2%. Regarding mortgages, the 29.5% decrease resulted from declines in both the first and second quarters of 2023. In terms of disbursed capital, it went from 38.5 to 26.9 billion euros. 38.6% of mortgages were granted to buyers in the 18-35 age group, benefiting from incentives for young buyers. Future prospects indicate a further decline, with forecasts of -10.5% for transactions and -23.8% for mortgages throughout 2023.

However, these projections may turn out to be optimistic, considering unexpected developments like the further increase in interest rates decided by the ECB. Finally, interest rates on loans for home purchases, including ancillary costs, increased in August, rising from 4.58% in July to 4.67%. Overall, the Italian real estate market is undergoing a phase of significant contraction, influenced by various economic and financial factors.