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2014 trends set stage for 2015 housing market gains

Dec 29, 2014’s recently released “2014 Housing Review” report found that 2014 “demonstrated a steady build-up of housing momentum” which it said was fueled by improving economic fundamentals, low mortgage rates and constrained inventory.

"Many of the gains that we recently predicted in the '2015 Housing Forecast' are built on housing growth established in 2014. Overall, this year's housing market showed steady advances over 2013 with significant improvement in key housing metrics, despite some remaining challenges," said Jonathan Smoke, chief economist for "Increases in job creation and gross domestic product (GDP) have had a significant impact on consumer confidence and home buyer demand.Paired with historically low interest rates, these factors kept properties moving quickly with median time on market at approximately 90 days. Unfortunately, the low number of homes for sale and stringent lending standards prevented a normal number of first time home buyers from closing on their first home in 2014." notes the following 2014 rends will help the 2015 market: an improving economy; low mortgage rates; a return to normal price appreciation; a decline in distressed sales; and a reduction in investor activity.

Click here to read the report.

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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.