Economic Perspectives

Existing Home Sales in FHLBNY Area Held Up Better Than the Nation,
Region in 2018

Authored by Brian Jones, FHLBNY Financial Economist

Highlights

February 4, 2019

• Existing home sales fell across the country in 2018, but activity in the FHLBNY area was little changed
• Local sales performance even more impressive given downtrend in available stock of homes
• Price increases, reduced affordability had a limited effect on sales in New York and New Jersey
• Amidst limited supply, rising prices and reduced affordability, FHLBNY district remains a seller’s market
• Outlook for sales in the Empire and Garden States appears positive beginning the New Year

Data compiled by realtor associations in New York and New Jersey indicate that the majority of the FHLBNY coverage area outperformed both the region and the nation as a whole…

Disclaimer. The Federal Home Loan Bank of New York (“FHLBNY”) is providing this report for informational purposes only. This report should not be construed as an opinion, recommendation, or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. The recipients of this report are advised to conduct their own independent due diligence and consult with financial advisors, accountants, and attorneys before making any investment, credit, or any other financial decisions. FHLBNY does not warrant the completeness or accuracy of this report. The past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. The information contained in this report, as well as the services and products provided by the FHLBNY, may change at any time without notice.