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NAR: Expect a more modest market in 2016

Jan 14, 2016
According to the National Association of REALTORS (NAR), 2016 will likely see a slowdown in many housing markets across the country. NAR Chief Economist Lawrence Yun said that home sales are forecasted to increase this year, but at a more moderate pace as pent-up demand combats affordability pressures and meager economic growth.
 
Yun said pent-up demand, sustained job growth, and improving inventory conditions will be the main triggers pushing expected gains in new and existing-home sales this year. However, rising mortgage rates, home prices that still outpace wage growth, and a fragile economy are the main challenges that could hold back a stronger pace of sales. 
 
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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