May 10th, 2022


Last week while attending NAR mid-year meetings, NAR Chief Economist Lawrence Yun discussed the state of the national housing market forecast during the Residential Economic Issues and Trends Forum. Dr. Yun used the word “uncertain” to describe the housing market over the coming months and attributes that uncertainty to low available inventory, rising mortgage rates, and unyielding inflation.
NAR reported a five-month decline in month-over-month national pending home sales through March of this year, which usually is a sign that the market is beginning to cool down. NAR collects pending home sales data from MLSs around the country, representing contracts that have been signed but sales have yet to close, and is an accurate and reliable indicator of future home sales activity.
OneKey® MLS will be publishing April 2022 Market Reports on Friday, May 13, but out of curiosity I took a sneak peek at the pending activity for Long Island and the Hudson Valley, to see how these areas compare to the national trend reported by NAR. Here is what I found:
Hudson Valley – 2,217 Pending Sales in April 2022 representing a decrease of 3.6 % over last month and 5.7% less than a year ago.

Long Island – 4,040 Pending Sales in April 2022 representing a decrease of 6.5% over last month and 5.5% less than last year.

So yes, pending home sales for our region are less than they were last month, and they are lower than a year ago. However, unlike the trend reported by NAR, the line graphs for both Long Island and Hudson Valley appear non-monotonic; pending transactions have not steadily declined over the past few months. Given the graphical peaks and valleys, I expect more of the same over the next few months as economic and housing conditions continue to fluctuate. As important as it is to be aware of the national indicators, I would encourage everyone to keep an eye on the local market for trends specific to our region. The local housing numbers might surprise you!
Keep doing your part staying informed on the market conditions that are relevant to your business. A positive outlook is key to achieving successful outcomes in a fluctuating economy.



Stay Updated!
Text ONEKEYMLS to 25827 to receive text alerts, updates, and important news.
Visit the Help Center at onekeymlsny.com for everything REALTORS® need in one place. Join the OneKey® Facebook Group for REALTOR® members only. This is where we will be posting updates and answering any questions that you have.