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New-home niche may pay off in 2016

Mar 11, 2016
New-home sales will likely have one of their best years in a decade, said National Association of REALTORS Chief Economist Lawrence Yun in a recent column on A “massive housing shortage” is prompting homebuilders to ramp up construction on new homes this year and next. 
Yun estimates 570,000 new-home sales in 2016, which would equate to a 15-percent gain over last year. That also would mean the best showing for new-home sales since 2007. Moreover, he predicts a 15 to 20 percent jump in new-home sales for 2017, which would bring sales to about 700,000.
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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.