The Federal Reserve has said they will not increase rates this month but indicated there will probably
be one more increase this year. This suggests the Fed is edging toward a peak in the series of rate
hikes it unleashed in March of 2022. This unprecedented series of rate increases has made borrowing
much costlier for consumers and businesses. Industry watchers are forecasting one or two rate cuts
Queens County Market Stats 8/2023:
The supply of homes for sale is nearing a balanced market with 5.8 months of inventory currently for
sale (6 months for sale represents a balanced market with equal number of buyers and sellers).
Sold property sales are down -20.7% from last year at this time while pending sales (in contract) are
up 4.4%. Sold median closed price was $650,000 and down -4.4% from $680,000, the median closed
price for this time in 2022.
Nassau County Market Stats 8/2023:
Nassau County continues to have a low 2.3 months of inventory for sale – well below the balanced
Market of 6 months supply. This indicates a real sellers market is the result with limited supply and
higher buyer demand. Sold property sales are down -16.1% from the previous year, while pending
sales are down -8.5%. The sold median closed price is $730,000-up 4.3% from last year’s $700,000.
Sources – Zillow, One Key MLS