Congressional Housing Agendas

On his first day back in office, President Trump signed a memorandum addressing housing affordability as part of efforts to combat inflation and the cost-of-living crisis. Measures include reducing regulatory barriers, expanding housing supply, and streamlining federal housing policies. Here's what to watch:

• Affordability Focus: Legislative proposals aim to streamline regulations and expand housing supply to address rising living costs.

• ROAD to Housing Act: Introduced by Senate Banking Committee Chair Tim Scott, the act focuses on mortgage reforms, deregulation, and local incentives, alongside enhanced federal oversight.

• Criticism: Opponents like Rep. Maxine Waters argue these measures inadequately address affordability challenges.

Ralph’s Take

The renewed focus on housing affordability and supply from Congress is a welcome development for the market. Homeownership has always been a cornerstone of the American Dream, but rising costs and tight inventory have placed it out of reach for too many. Proposals like the ROAD to Housing Act signal a step in the right direction, addressing regulatory bottlenecks that drive up costs and stifle new construction. If these policies gain traction, we could see renewed momentum in the market.

Westchester Weekly Market Tracker 📈

• ‘Coming Soon’ Listings: 21 ↑+1

• New Listings:  154 ↓-8

• Price Reductions: 40 ↓-16

• Pending Sales:  95 ↑+12

• Closed Sales: 132 ↑+5

💰 Highest Sale: 181 Hook Road, Bedford: $7,250,000 (-3%)

_{Property Type: Single-Family. OneKey Multiple Listing Service, Inc. 1/17/25 - 1/24/25.}

The Rising HOA Fee 😤

Homeowners’ associations (HOAs) are becoming more prevalent and costly across the United States, according to a new report by Realtor.com. In 2024, 40.5% of listings for sale included HOA fees, up from 39.2% the previous year. The median monthly HOA fee increased from $110 to $125. Key Findings:

• 40.5% of listings for sale in 2024 had a HOA fee, up from 39.2% in 2023.

• 69.9% of newly built homes in 2024 had HOA obligations

• 38.2% of existing homes had HOA obligations.

• Condo HOA fees are significantly higher, with a median of $375 per month, compared to $58 for single-family homes.

Ralph’s Take

HOA fees can significantly impact housing affordability. Buyers should factor in these dues when calculating their potential monthly housing expenses. Additionally, understanding the services covered by HOA fees and the rules enforced by the association is crucial, as they can vary widely.

I reviewed HOA costs in Westchester County and found that they increased by an average of 5.8% and a median of 4.9% between 2023 and 2024.

If you’ve ever said

“Most of these rooms sit empty these days”

It might be time to downsize.

6% of homeowners over 60 are planning to sell this year.

If you’re debating whether or not to downsize, a professional home equity report can help. Even if you’re not ready to sell yet, I think you’ll find this report incredibly helpful.

If you would like me to prepare one for you (at no cost), text or call me today.

Home Sales End Tough Year with December Rebound

Earlier today, the National Association of REALTORS released the 2024 Existing-Home Sales Data. In December, U.S. existing-home sales rose 2.2% from the previous month to a seasonally adjusted annual rate of 4.24 million — the highest level since February 2024. However, total sales for the year fell 0.7% compared to 2023, marking the lowest annual total since 1995. The national median existing-home price in December was $404,400, up 6% from December 2023, driven by limited inventory.

• 2024 Sales: Finished at 4.06 million, the lowest level in almost 30 years.

• 2024 Median Prices: December's median sales price rose to $404,400, a 6% increase, contributing to a record-high annual median of $407,500.

Ralph’s Take

The year ended with the lowest sales in nearly 30 years - wow! While 2025 should easily surpass the low benchmark, economists remain cautious. Forecasts for 2025 range widely, from NAR’s more optimistic 4.5 million projection to Realtor.com’s conservative 4 million. With prices still climbing and inventory tight, sustained recovery will hinge on addressing the limited supply of homes. Current homeowners, locked into low mortgage rates, are staying in their homes longer, further restricting existing inventory, while new construction continues to fall short of meeting demand.

Expanded Tax Benefits for Firefighters and EMS

Westchester County Executive Ken Jenkins has proposed legislation to expand property tax exemptions for volunteer firefighters and EMS personnel. The proposal would allow all volunteers residing in the county to receive a 10% tax break, regardless of where they serve. The initiative aims to support recruitment, retention, and acknowledge the essential services these volunteers provide. 👏

Read the press release here

Mortgage Watch 📉

Today’s average 30-year fixed mortgage rate stands at 7.11%.

Mortgage rates, driven by the bond market, saw stability after Inauguration Day, as traders had anticipated executive orders on tariffs. Bonds retained last week's gains with slight improvement, but most lenders kept the 30-year fixed rates steady.

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.

Westchester Events

Saturday, January 25th - Sunday, January 26th

• 1/25: Comedy from Scratch

• 1/25: Shelter Building

• 1/25: Winter Howl

• 1/25 - 1/26: Evenings of Dance

• 1/25 - 1/26: Westchester Wedding & Bridal Expo

• 1/26: 10 Films That Changed America

Monday, January 27th

• 1/27: Cooking with Kids

Wednesday, January 29th

• 1/29: Lunar New Year Celebration

Continuing Events

• January: White Plains Restaurant Month

Winter Real Estate Guides

This market is not perfect. I'm here to help.

Questions about the market or your home’s value?

Reply to this email, call, or text message me anytime at (914) 202-1101.

List to Sale Ratios:  2024: 105.6% - 2023: 100.8% - 2022: 104.8%

As always - thank you for reading!

Ralph 🫡