The real estate market in Orange County is looking up, thanks to a jump in the number of home sales. But as YNN's Jessica Chen shows us, there is one downside to this trend.
GOSHEN, N.Y. -- Stephen Spellman of Goshen wants to sell his house.
"You grow out of a house, the kids get older," he said.
Spellman is among a growing number of local homeowners now putting their homes on the market. According to the Hudson Gateway Association of Realtors, the number of home sales in Orange County jumped 24 percent compared to the same time last year.
"People coming from further parts south moving up here because the prices are so much more affordable then some of our neighboring counties," said Katheryn DeClerck President of the Hudson Gateway Association of Realtors.
DeClerck said a decline in unemployment and low interest rates are reasons for the increase. But despite the increase in homes sales, DeClerck said there is one downside. Home prices in Orange County have dropped two percent compared to the same time last year.
"We have a lot of short sales and distressed properties and those tend to sell for less so when those are in the mixed, those are keeping the home prices down," said DeClerck.
And though a drop in price is something Spellman said he is aware of, he said he and his family are ok with that.
"You try to learn what's going to work best for you and you go with that," said Spellman.
But for buyers, DeClerck said, that means now is a good time to buy.
"I guess, by the end of the spring market we will see the prices come up a bit," said DeClerck.