(Bloomberg) -- Home sales in Westchester County slowed for the first time since the summer of 2020, after a pandemic buying boom left little on the market in the pricey New York suburbs.
In the first quarter, purchases of all types of homes slipped 6.6% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. While transactions fell for the first time in six quarters, they were still up 28% from two years ago.
Westchester house-hunters, facing bidding wars and the urgency to outrun soaring mortgage costs, have been left with few choices, and that’s slowing sales. After a pause in the wake of Covid-19 lockdowns, deals took off, with buyers rushing to the suburbs in search of more space. As a result, inventory is down 25% from a year earlier to 1,901 listings -- the lowest level for a first quarter on record, according to the firms.
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“What we’re seeing is the aftermath of a complete market frenzy,” said Jonathan Miller, president of Miller Samuel. “Demand for Westchester properties has remained insatiable but continues to be hampered by near-record lows in housing supply.”
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