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First-time buyers expected to fuel '17 market

Oct 20, 2016
Realtor.com's Active Home Shopper Report predicts that the number first-time homebuyers will surge in 2017, possibly as high as 52 percent. The report is based on survey data from buyers who plan to purchase homes in the spring or summer of 2017. A greater demand for suburban homes is also predicted by realtor.com.

Realtor.com Chief Economist Jonathan Smoke said, "With so many first time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers."

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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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