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Tuesday, April 23, 2024

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Report: CMCo Still Leads State in Home Price Increases

By Vince Conti

NEW YORK – A report from the Federal Reserve Bank of New York showed changes in home prices comparing May 2021 to May 2022.  

The year-over-year change in Cape May County was an increase of 23.2%, the highest positive change for May data among all counties in New York and New Jersey. 

A look at the Federal Reserve report’s national data shows that concerns about climate change have not negatively impacted rising home prices along the entire East Coast of the U.S.  

Coastal counties in the Carolinas and Florida are seeing the same significant price increases when comparing year-over-year data.  

Miami-Dade County, the poster child for rising sea level vulnerability, saw a May-to-May increase of 24.3%, slightly better than Cape May County. 

This report comes as a new Redfin report concludes that nationally 15% of home-purchase agreements fell through in June.  

The report states, “The slowdown in housing-market competition is giving homebuyers room to negotiate.”  

The Redfin report is not focused on coastal communities.  

Redfin economist Taylor Marr noted, “Rising interest rates are also forcing some buyers to cancel home purchases.” 

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