Westchester County home prices remain high due to low inventory

Is now the right time to buy a home? That question is the question every realtor gets.

"Inventory is very low right now, but prices are still rising in the Westchester market area," said White Plains-based real estate broker Gino Bello.

Bello says over the past few months, home inventory is so low that when a house hits the market, it’s still going over asking.

"The interest rates were at 2.8%, then they started rising at a very rapid rate. Then in October they were sky-high, giving buyers a lot less buying power."

RELATED: Housing affordability is at the lowest level in over a decade

Home mortgage rates, though, have skyrocketed since last year and experts say that is why U.S. home prices have fallen year over year for the first time since 2012.

According to real estate firm Redfin, the average home sold for just over $350,000 for the four weeks ending the month of February. The sale price was down 0.6% compared to February 2022.