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Freddie Mac: Housing recovery readies to shift into higher gear

May 22, 2014
According to the U.S. Economic and Housing Market Outlook for May recently released by Freddie Mac, regular supply and demand forces continue to produce unexpected results as the housing recovery readies to shift into higher gear during the spring home buying season. Report highlights include: projected new home construction to increase by 18 percent; new and existing home sales maintaining at 5.5 million in 2014, the same as 2013; and 30-year fixed-rate mortgages to gradually rise higher. 

Frank Nothaft, Freddie Mac vice president and chief economist, said there are various imbalances holding back the housing recovery, but at the heart of the matter it comes down to jobs. Housing needs stronger, sustained levels of job creation to get the housing engine firing on all cylinders.

To read the entire Freddie Mac press release, click here.
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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.

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