New York State home prices hit record high

House prices in New York State have reached an all-time high for February, averaging nearly $272,000, a 12% increase from last year. This surpasses the previous record set in August 2024. High interest rates, currently around 6.70% for 30-year mortgages, are pushing many buyers to pay in cash. This trend makes it difficult for average buyers to compete, especially against private equity firms that also make cash offers. A proposed law from Governor Hochul may change this dynamic. It would prevent private equity firms from buying homes for the first 75 days on the market, allowing regular buyers to make offers sooner.