WESTCHESTER The Westchester housing market saw the most
first quarter sales in 7 years, the highest median
sales price in 6 years and initial signs that the
trend of declining inventory may be ending.
There were 1,525 sales in the first quarter, up
13.1% from the prior year quarter and the most
first quarter sales since the same period 7 years
ago. Listing inventory fell 3.7% to 5,378 from the
same period last year and for the 8th consecutive
quarter. With the rise in the number of sales
and the decline in listing inventory, the pace of
the market was faster. The monthly absorption
rate, defined as the number of months to sell
all inventory at the current pace of sales, fell by
1.8 months to 10.6 months from the prior year

PUTNAM After bottoming out two years ago, housing prices
have generally trended higher as the number of
sales expanded and inventory contracted. All
price indicators posted gains from prior year
levels. Median sales price increased 12.7% to
$302,500 while average sales price rose 15.9% to $379,217 over the same period…