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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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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.