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How rising rates will impact home prices

Mar 10, 2017
Housing’s share of the economy rose above normal levels from November to January, despite mortgage rates surging 60 basis points at the time. Economists caution that there may be a lag to the impact of rising rates and particularly their effect on home prices. In an analysis, Goldman Sachs economists found that the median home price often drops 3 to 4 percent. 

That said, buyer demand is much stronger than supply at the moment and the economy and job growth are continuing to support the housing market. Many economists are skeptical whether mortgage rates will actually rise much more than they already have. A survey conducted by MarketWatch in December 2016 showed an average for rates of 4.5 percent throughout 2017, a 35 basis point increase from current readings. 

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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.