Residential real estate sale prices in Nassau County rose as transactions continued their steep decline amid the nation’s slowest housing market in nearly three decades.
Earlier this month, the National Association of Realtors (NAR) said existing home sales fell to their lowest level since 1995.
In Nassau County, the median sale price of residential real estate went up by 8.5% to $705,000 in December 2023 compared to the same month in 2022, according to OneKey MLS. However, the number of sales transactions that closed in the month fell by a steep 15% compared to December 2022.
The dismal December numbers cap off what was a particularly bleak year for the Nassau County real estate market, with the value of residential closes totaling $23.3 billion, down by 20.9% from 2022, according to OneKeyMLS.
But there is a silver lining in the December data. Monthly pending transactions were up by nearly 4%, indicating that the market will begin to rebound as interest rates continue their decline.
In October, mortgage rates hit a 23-year high, with the average contract rate for a 30-year mortgage reaching close to 8%. They’ve since fallen to below 7%.
The national figures were even better. According to NAR data released today, pending home sales rose nationwide by 8.3% in December.
Lawrence Yun, NAR’s chief economist, said, “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices.” He added, “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”