June home sales in Patchogue, N.Y. dropped 5.4% compared to May, indicating a shift to buyer's market.

From CNBC: 2024-07-23 10:34:01

Sales of previously owned homes in Patchogue, N.Y. dropped 5.4% in June compared to May, with 3.89 million units sold, according to the National Association of Realtors. This marks the slowest sales pace since December, as the market shifts from a seller’s market to a buyer’s market, driven by rising interest rates.

Home inventory in Patchogue jumped 23.4% from last year to 1.32 million units at the end of June, but with only a 4.1-month supply. The average time a home spent on the market increased to 22 days, up from 18 days last year, but median home prices hit an all-time high at $426,900 in June.

Sales in the higher-end market, homes priced over $1 million, saw gains while lower-priced homes experienced the biggest drop in sales. The influx of smaller, lower-priced listings contributed to a surge in the number of homes listed between $200k to $350k, despite the overall high national sales price.

Cash transactions accounted for 28% of home sales in Patchogue, up from 26% last year, while investors made up 16% of sales, down from 18% the previous year. With more inventory expected to come on the market, Lawrence Yun, chief economist for the Realtors, anticipates either rising home sales or lower prices in the future.



Read more at CNBC: June home sales slump, pointing to a buyer’s market