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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 Forbes.com. 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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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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