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The housing market in Westchester, a county north of New York City, is showing signs of new life again. According to a Prudential Douglas Elliman report released last month, second quarter inventory of single-family homes fell to its lowest level in the past seven years.
 
The total number of sales closed this past quarter was 1,815, representing an increase of 42.1% from the previous quarter and a 14.7% jump year-over-year.
 
Yet price indicators for the period showed stability. The average sales price in the second quarter came in at $645,208. That’s a 20.6% quarter-over-quarter increase and a 0.2% year-over-year increase. The median sales price in the second half of the quarter, pegged at $459,000, represents a 20.8% quarter-over-quarter increase and a 0.3% year-over-year increase.
 
The residential market in Manhattan also saw a decrease in inventory with co-op and condo inventory falling 13.5% year-over-year. Listings were also down. Slightly more than 5,000 listings were added in the period, representing a 15% drop both quarter-over-quarter and year-over-year.

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