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Home prices rise in New York State for fifth consecutive year

Posted by on Feb 20, 2019 in Uncategorized | 0 comments

According to the New York State Association of Realtors; Home prices rise in New York State for fifth consecutive year For the fifth consecutive year home prices appreciated in New York State. Home prices in 2018 rose 6.0 percent above 2017 figures.  The $265,000 median sales price at the end of 2018 topped the 2017 median price of $250,000.  In 2014, the median price was $225,000. High home prices usually coincide with low inventory. In 2018, the number of homes for sale dropped 0.3-percent compared to 2017. In fact, compared to 2010, inventory has dropped from 87,621 homes to just 59,889 in 2018. With fewer homes to choose from coupled with home prices rising higher than wage increases, buyers found 2018 a difficult year overall to purchase homes. There were 132,022 closed sales in 2018, a decrease of 2.5 percent from the 135,408 sold in 2017.  There were 34,147 closed sales in the 2018 fourth quarter, a decrease of 4.3 percent from the 35,686 closed sales in the 2017 fourth quarter. The 10,267 closed sales in December 2018 represented a decrease of 11.5 percent from December 2017. For the first time in five years, closed sales fell in 2018 compared to the prior year. Hamilton County saw the biggest increase in closed sales at 14.7 percent while Chenango County experienced the largest decrease of 16.3 percent. Regarding average home prices, Lewis County saw the highest increase of 25.3 percent in 2018 – from $95,000 to $119,000 – over the prior year. There was good news for sellers in 2018 as they received on average, 97.3 percent of their original list price at sale, a year-over-year improvement of 0.4 percent. It is the eighth consecutive year that the percent of list price received has risen for home sellers. Homes that ranged in price from $100,001 to $150,000 sat on the market for the shortest amount of time in 2018 at 60 days on average. Those above $500,000 were on the market the longest, 83 days on...

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Housing Affordability to Worsen in Spring

Posted by on Feb 22, 2018 in Uncategorized | 0 comments

DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 12, 2018 As mortgage rates continue to inch higher, consumers are bracing for steeper homebuying costs this spring. Households earning the national median income of $68,000 a year could afford about 59.6 percent of new and existing homes that were sold in the fourth quarter of 2017, according to the National Association of Home Builders. The trade group’s latest report looks at home prices, mortgage interest rates, and median household income across 238 U.S. metros.   “Buyers should be prepared,” says NAHB Chief Economist Robert Dietz. “It’s going to be more expensive to afford a house over the course of 2018. … Interest rates went up a little bit, and home prices went up as well.” Gauge affordability in your market, using NAR’s Housing Affordability Index.   Mortgage rates have increased for the past five consecutive weeks. Lawrence Yun, chief economist for the National Association of REALTORS®, predicts that mortgage rates will reach 4.5 percent by the second half of the year. Inventory shortages in both the new- and existing-homes sectors, along with high buyer demand, have prompted home prices to escalate, fueling bidding wars.   Further, the shakeout from newly enacted tax reform legislation may have an impact on some markets. “The new tax law is expected to contribute to price softness in some high-cost, high-tax markets now that deductions for income and property taxes are capped at $10,000 per year,” Dietz says.   According to NAHB, housing affordability may be most depressed in California. Every market in the state topped the group’s list of least affordable metros in the country, with San Francisco claiming the number one spot. The median list price in San Francisco is $1.2 million, according to realtor.com®. Los Angeles, Anaheim, San Jose, and Santa Rosa also ranked high for low affordability, according to NAHB’s index.   On the other hand, the Syracuse, N.Y., and Youngstown, Ohio, markets are the most affordable in the country. About 88.3 percent of the homes sold in Syracuse and Youngstown were affordable to households earning the areas’ median incomes of $54,600 and $68,000, respectively. Other markets with the highest affordability include Indianapolis; Scranton, Pa.; and Columbia, S.C. The most affordable smaller market is Cumberland, Md., where residents earning the median income of $53,900 can afford 96.9 percent of the homes sold there.   Source: “Will It Become Harder to Afford a Home? Experts Say Yes,” realtor.com® (Feb. 9, 2018) and National Association of Home Builders...

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Real Estate News November 2017

Posted by on Nov 15, 2017 in Uncategorized | 0 comments

Long Island Housing Data for October 2017 Published Nov 14, 2017 The October 2017 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens’ housing data, was $440,000 representing a 6% increase over last year. Nassau County reported a $500,000 closed median home price in October representing a 6.4% increase over $470,000 reported by MLSLI last year. Suffolk County reported a closed median price of $360,000, which represents a 6.2% increase over a year ago. Queens reported a closed median home price of $555,000, representing an increase of 12.7% over $492,500 reported in October 2016. The total number of Long Island residential inventory in October 2017 was 15,654 representing a 9.1% decrease over last year. The current months of supply is 4.5, compared to 5.4 in October 2016. The months of supply is the measure of how many months it would take to exhaust the current number of homes on the market to...

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