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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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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.