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New-home niche may pay off in 2016

Mar 11, 2016
New-home sales will likely have one of their best years in a decade, said National Association of REALTORS Chief Economist Lawrence Yun in a recent column on A “massive housing shortage” is prompting homebuilders to ramp up construction on new homes this year and next. 
Yun estimates 570,000 new-home sales in 2016, which would equate to a 15-percent gain over last year. That also would mean the best showing for new-home sales since 2007. Moreover, he predicts a 15 to 20 percent jump in new-home sales for 2017, which would bring sales to about 700,000.
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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.