Regional home sales down in third quarter

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MID-HUDSON – Sales of single-family homes dipped in the third quarter of the year in the counties of Rockland, Putnam, Orange and Westchester with only Sullivan County showing modest growth, according to the Hudson Gateway Association of Realtors.

Sales were up 0.7 percent in Sullivan County while they dropped by 9.2 percent in Rockland, by 10.7 percent in Putnam County, by 14 percent in Orange County, and by 15.6 percent in Westchester County.

The Realtors’ group said the real estate market in the region “continued to be battered by chronic low inventory, rising interest rates and persistent inflation” in the third quarter. The association said, though, that “even given these adverse conditions, resiliency and consistent buyer demand are still evident, especially when compared to the pre-pandemic market in 2019.”

The group said there is likely “a return to a more seasonal market, which disappeared during the later half of 2020 and the entirety of 2021.”