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NAR: Home sales have bright future

Nov 07, 2016
Younger buyers are likely to drive growth in residential markets in the years ahead as the economy stays on a positive track and interest rates stay relatively low, two top economists said Friday at the 2016 REALTORS Conference & Expo in Orlando, FL. Look for existing-home sales to end the year at a 5.4 million level, a small increase from last year, NAR Chief Economist Lawrence Yun told REALTORS at a residential economic forum. For 2017, he expect sales to grow modestly, to 5.5 million units and then to 5.7 million the year after that.
 
Long-term interest rates are expected to tick up but stay low by historical standards for the foreseeable future. He forecasted rates to end the year at 3.6 percent, then rise to 4.1 percent in 2017 and then to 4.5 percent.
 
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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.

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