Menu

NYSAR News

Latest News

NAR: Longer closing times hamper home sales

Dec 28, 2015

Existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, dropped 10.5 percent nationwide to a seasonally adjusted annual rate of 4.76 million in November, according to the latest National Association of REALTORS' housing report. It was the largest decline since July 2010, according to the report, with sales for the period 3.8-percent below year-ago levels.

Lawrence Yun, NAR’s chief economist, said multiple factors were at play for November’s big sales decline. The industry’s adjustment to the new Know Before You Owe rule causing longer closing times could be a factor, he said. 

“It’s possible the longer time frames pushed a latter portion of would-be November transactions into December,” says Yun. “As long as closing time frames don’t rise even further, it’s likely more sales will register to this month’s total, and November’s large dip will be more of an outlier.”

Read the press release here.

Featured Content

NYS housing market sets October sales record

There were 12,178 closed home sales across New York State during October, setting a new record high for the month. The previous October sales record was 11,926 in October 2015. The statewide median sales price grew by 9.1 percent in October compared to October 2016. Click here to read more.

NYSAR News