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2014 trends set stage for 2015 housing market gains

Dec 29, 2014’s recently released “2014 Housing Review” report found that 2014 “demonstrated a steady build-up of housing momentum” which it said was fueled by improving economic fundamentals, low mortgage rates and constrained inventory.

"Many of the gains that we recently predicted in the '2015 Housing Forecast' are built on housing growth established in 2014. Overall, this year's housing market showed steady advances over 2013 with significant improvement in key housing metrics, despite some remaining challenges," said Jonathan Smoke, chief economist for "Increases in job creation and gross domestic product (GDP) have had a significant impact on consumer confidence and home buyer demand.Paired with historically low interest rates, these factors kept properties moving quickly with median time on market at approximately 90 days. Unfortunately, the low number of homes for sale and stringent lending standards prevented a normal number of first time home buyers from closing on their first home in 2014." notes the following 2014 rends will help the 2015 market: an improving economy; low mortgage rates; a return to normal price appreciation; a decline in distressed sales; and a reduction in investor activity.

Click here to read the report.

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Empire State home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.