The cost of buying and selling homes in New Jersey and New York are soaring.
The median price of a home in Manhattan went up 6.9 percent to $1.06 million, up from $1,006,945 in 2016.
Prices in Queens went up 7.4 percent to a record $1 million.
The average price in Newburgh went up 9.4 to $739,500, up 2.9 from $703,000 in 2016, according to Zillow.
The increase is largely the result of higher demand in New England, according the analysis by Zillows.
The cost for a single-family home in the boroughs rose 7.9% to $919,000.
New York City, which has the highest cost of living in the nation, is not alone in this phenomenon.
Prices across the country continue to rise as a result of the global economic downturn, and some analysts expect more of the same in 2017.
The rising costs are hurting New York’s struggling economy, which is expected to be $3.8 trillion in the second quarter of this year, according data from the National Association of Realtors.
The average price of the median home in New Haven, Connecticut, rose 4.5 percent in 2017 to $836,300, according Zillowing.
The most expensive median home on the market in the state, the $2.6 million house owned by the New Haven mayor, is in the middle of a $3 million sale.
The price of homes in the county dropped 1.6 percent to reach $732,000, according Real Estate Board of New York.
New York’s home price increase, along with a strong national economic recovery, is driving up home values in the Bay State.
Last year, home prices in New Hampshire, New Jersey, and Connecticut increased by a combined 13.6%, according to the Real Estate Institute of New England.
In New York, the average home price is up 4.7 percent from 2016.
In the borough of Manhattan, home values increased 6.8 percent in 2018 to $2,979,800.
The state has one of the highest unemployment rates in the country, according research firm CBRE.
A recent report by the Bureau of Labor Statistics found that home prices increased in the region for the first time in more than five years.
Real estate agents have long argued that the rise in house prices is fueled by the fact that many of the homes being sold in the US are in “bubble” cities that have seen record sales and strong demand from foreign buyers.
“These properties are being bought up and sold at record pace, and many are being sold for less than what was previously being paid,” said Josh Stoltz, managing director at StoltZillow, which specializes in real estate markets.
In New York state, there are approximately 1.4 million single- family homes and 2.1 million multi-family homes in use, according CBRE data.
A single-detached house is a single unit of housing that has four bedrooms and two bathrooms.
The housing market in New Rochelle, New York has been relatively quiet, with the average house price rising 6.1 percent to approximately $5,764,000 last year.
Thats down from a record high of $832,500 in 2016 and a record-breaking high of more than $1 billion in 2009.
There are also many more apartments in use in the area, with sales totaling more than 5,000 units last year, which represents almost three times the number of apartments sold in Manhattan in 2016 according to CBRE, according a spokesperson for the New York Department of Financial Services.
These high prices are pushing up rents in many of these properties.
Some homeowners are taking advantage of the increase in sales to move out and buy smaller apartments or apartments that have lower mortgage payments, according Stoltzer.
He said some investors are moving in to the region in search of cheaper housing to rent out as they search for places to park their money.
Stoltz added that many homeowners are now moving into smaller apartments that they can afford.
“Some are selling their houses for a little bit more than what they had initially paid to buy them,” he said.
New Yorkers are also buying bigger houses, even though they are not paying as much for them.
In 2017, the median price in the New Rochelan, New Rochenia, County increased by $3,938,000 to $539,000 as prices in Brooklyn, Brooklyn, went up by $1 for every $1 of income.
In 2018, the county average house prices increased by more than 6 percent to nearly $6,500.
The county average median price is $1.,936,000 compared to $639,800 in 2017 and $1 in 2018.