Homebuyer confidence increases with surge of new home construction
Albany, NY – December 19, 2019 – As U.S. homebuilding increased in November, pending sales and new listings rose year-to-date in New York State compared to this time last year, according to the housing market report released today by the New York State Association of REALTORS®.
According to the United States Commerce Department, both construction of new homes and applications for building permits rose in November. Accordingly, new listings in New York are up 0.8 percent year-to-date to 197,965 units while pending sales are also up 2.7 percent from this time last year to 128,292 homes.
Closed sales, however, are down two percent year-to-date to 119,824. Days on the market decreased 2.7 percent to 71 days compared to this time last year.
The median sales price growth trend has continued for 47 consecutive months, inching up 3.7 percent from November last year to $280,000.
Interest rates remained virtually steady from October 2019, up 0.1 percent in November on a 30-year fixed mortgage, according to Freddie Mac. The rates though are still over one percent lower than those in November 2018.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.