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NAR: Expect a more modest market in 2016

Jan 14, 2016
According to the National Association of REALTORS (NAR), 2016 will likely see a slowdown in many housing markets across the country. NAR Chief Economist Lawrence Yun said that home sales are forecasted to increase this year, but at a more moderate pace as pent-up demand combats affordability pressures and meager economic growth.
Yun said pent-up demand, sustained job growth, and improving inventory conditions will be the main triggers pushing expected gains in new and existing-home sales this year. However, rising mortgage rates, home prices that still outpace wage growth, and a fragile economy are the main challenges that could hold back a stronger pace of sales. 
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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.