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Despite odds, ownership rate moves higher

Nov 01, 2017
Despite tight housing inventories and rising home prices, the homeownership rate rose slightly in the third quarter and reached the highest level since 2014, according to a recent report by the U.S. Census Bureau. The report also showed Americans are showing a preference for owning: The number of owner households increased by 755,000 from a year ago, while the number of renter households fell 348,000. 

Still, finding a home remains a challenge for many Americans. The inventory levels for both new and existing single-family homes is about 20 percent below the long-term average.

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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.