According to the latest poll by the Siena Research Institute (SRI), New York State consumer home buying plans were up 10.4 percent in September. Overall, New York State consumer confidence stands at 82.5, down 2.1 points from the last measurement in June 2015. New York’s overall consumer confidence is 4.7 points below the nation’s index of 87.2.
Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said that New Yorkers are looking to buy a home at a rate they haven’t seen in more than 15 years of polling residents. “Whether driven by inventory, a new normal of better than breakeven sentiment or ‘get in before interest rates increase,’ real estate should move this quarter,” he said.
Buying plans were also up for consumer electronics and major home improvements. Buying plans were down for cars/trucks and furniture.