National Pending Home Sales Decline, But HGAR Markets Continue to Show Strength
The housing market delivered mixed signals in June as pending home sales declined 5.4% nationally from the previous month and 2.8% year-over-year, according to the National Association of REALTORS®. The drop reflects ongoing affordability challenges, elevated mortgage rates and buyer hesitation that continue to shape housing markets across the country.
Yet while national headlines point to a slowdown, the story unfolding across the Hudson Gateway Association of REALTORS® market area is more nuanced.
Throughout much of the region, home prices continue to rise, buyers remain active and inventory remains tight enough to support strong market conditions. In fact, several HGAR counties are experiencing growth in closed sales despite the national decline in pending transactions.
Westchester County remains one of the region's strongest markets. The median single-family home price reached $1.025 million during the past 12 months, a 7.3% increase from a year ago, while inventory declined 3.2%. Homes are selling faster as well, with days on market falling nearly 12%, a sign that demand continues to outpace supply in many communities.
Similar trends are emerging in Rockland County, where closed single-family home sales increased 4.2% year-over-year and the median sales price climbed to $775,000. Even as inventory has begun to improve modestly, buyers continue to compete for a limited number of available homes.
Putnam County posted one of the strongest gains in transaction activity, with closed single-family home sales increasing 15.4% over the past year. At the same time, the median sales price rose to $595,000, reflecting continued demand for homes in the county.
Orange County has seen inventory growth begin to ease some of the supply constraints that have defined recent years. New listings increased more than 8% over the past 12 months and inventory rose 13.2%, providing buyers with more options while still supporting modest price appreciation. The median single-family home price reached $482,000, up 1.5% from a year ago.
The Bronx has also remained active despite affordability concerns affecting many urban markets. Closed single-family home sales increased 14.5% over the past year, while median prices rose 4.7% to nearly $700,000. New listings increased as well, suggesting that more homeowners are entering the market even as demand remains steady.
What makes these local trends particularly noteworthy is that they are occurring against a backdrop of continued economic uncertainty and higher borrowing costs. Nationally, many buyers remain sensitive to mortgage rates and affordability pressures. Locally, however, persistent inventory shortages and strong demand for housing throughout the Hudson Valley and New York metropolitan area continue to support pricing and transaction activity.
The contrast highlights an important reality for consumers and real estate professionals alike: real estate remains a local business. National trends provide valuable context, but market conditions can vary significantly from one region to another. While pending sales may be slowing nationally, many communities throughout HGAR's market area continue to experience the effects of limited inventory, resilient buyer demand and steadily rising home values.
As the market moves into the second half of 2026, inventory levels and mortgage rates will remain key factors to watch. For now, however, the latest data suggests that while the national housing market may be cooling, many local markets across the Hudson Valley and New York City suburbs continue to demonstrate remarkable resilience.
