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NAR upgrades housing forecast for remainder of year

May 03, 2017
The housing market has been off to a roar this spring. In fact, the market is performing so strongly that the National Association of REALTORS has upgraded its forecast for the year. 

At the start of the year, home sales were expected to match last year’s pace due to higher mortgage rates and diminishing affordability. But the market is hardly slowing down, with NAR Chief Economist Lawrence Yun predicting existing-home sales to rise by 3.5 percent, and home prices to likely increase by 5 percent this year.

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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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