NYSAR offering Free Mediation/Ombudsman Training in April

NYSAR is hosting FREE mediation and Ombudsman training in April for members who would like to become locally and state certified. Training will be held at the Crowne Plaza Albany – Desmond Hotel. Training is April 24 & 25 from 9 a.m.-5 p.m. both days. 

To book at room at the Crowne Plaza Albany – The Desmond Hotel, click here.  Deadline for hotel reservations is Wednesday, April 9, 2025. For call-in reservations, please call 518-869-8100 and use the Group Res Id RZQ

NYSAR will reimburse one night stay. You must submit for reimbursement. Two nights will be reimbursed for those over a 2-hour drive (proof must be submitted). No other expenses will be reimbursed.

Register for this FREE class here.

Cold Calling Still Prohibited in New York

Real estate licensees may not make any unsolicited phone calls to a member of the public during a State of Emergency. General Business Law §399-z(5)(a) states “It shall be unlawful for any telemarketer doing business in this state to knowingly make an unsolicited telemarketing sales call to any person in a county, city, town or village under a declared state of emergency or disaster emergency as described in sections twenty-four or twenty-eight of the executive law.” All other types of marketing such as mailers, billboards, social media, internet etc., are permitted. You may call a FSBO if you have an identifiable purchaser interested in the property.  You are prohibited from calling the FSBO to solicit the listing.  You may still perform business to business calls so long as you are calling the number provided as the business number.

NYSAR is monitoring all current Executive Orders declaring a State of Emergency.

The following State of Emergency are still in effect:

EO 28.24: Support Asylum Seekers
Declared: Extended on March 13, 2025 (Original EO 28 declared May 9, 2023)
Expires: April 12, 2025

EO 38.7: Disaster Emergency
Declared: Extended on February 19, 2025 (Original EO 32 declared August 9, 2024)
Expires: March 21, 2025

EO 47.3: Public Order at Correctional Facilities
Declared: Extended March 10, 2025 (Original EO 47 declared February 19, 2025)
Expires: April 9, 2025

If you have any questions about Cold Calling, please contact the NYSAR Legal Hotline.  The Legal Hotline is available Monday-Friday from 9:00am-4:00pm at 518-436-9727.

Last Chance for NYSAR’s FREE Professional Standards Training

NYSAR is offering FREE Professional Standards training across New York and virtually through March.

This Professional Standards training, taught by NYSAR past-president Linda Page, is designed for real estate professionals interested in upholding the high standards of integrity and professionalism in their industry while providing fellow members and the consumer with a positive real estate experience. In this training you will explore the value and importance of adhering to the Code of Ethics of the National Association of REALTORS® (NAR), learn about the enforcement mechanisms established by NAR for the filing of complaints, and the role of the Professional Standards Committee.

This course will not only meet your regulatory and membership requirements but also elevate your professional conduct, future transactions and commitment to ethical practices in real estate. Each in-person class will be from 9:30 a.m. to 4:30 p.m. with the virtual dates running two half days, 9 a.m. – 1 p.m. There is no cost for the training, but pre-registration is required.

March 18/19 – Virtual (1/2 day each)

Big win for NY REALTORS® and Homebuyers

NYSAR members can claim victory in an important fight to increase housing inventory in New York State.  Today a state advisory committee chose not to approve mandatory fire sprinklers in all new single family homes less than three stories.  NYSAR and NYSAR members have rallied for months to oppose the plan which would have increased the cost of new residential housing construction by as much as $30,000.

Upon learning about the sprinkler mandate proposal by the New York State Fire Prevention and Building Code Council, NYSAR began a comprehensive effort to educate lawmakers and regulators that consumer education and choice is a better option.  Thousands of REALTORS® across the state participated in NYSAR’s “Call for Action” by reaching out to Governor Kathy Hochul and other state officials.

NYSAR argued that a major contributor to housing inventory shortage is government overregulation leading to higher construction costs.  Lawmakers and consumer all agree that we need more housing choices, and this victory is a huge step in the right direction.

Housing Market Sees Growth as NY Home Sales Increase in January

 Albany, NY – February 21, 2025 – Housing sales improved for the second consecutive month despite interest rates continuing to hover near seven percent, according to the housing report released today by the New York State Association of REALTORS®.

Closed home sales across New York State escalated by 3.1 percent, from 7,395 in January 2024 to 7,625 homes in 2025. New listings also saw a modest climb, improving from 9,078 listings last year to 9,125 this year marking a 0.5 percent increase in year-over-year comparisons. Pending sales did decrease by 4.9 percent, dropping to 6,520 sales last month from 6,855 pending sales in January 2024.

Interest rates on a 30-year fixed-rate mortgage have hovered between 6 and 7 percent for most of the last two and a half years according to Freddie Mac. In January, rates settled in at 6.96 percent on average. By comparison, a year ago at this time, the average interest rate stood at 6.64 percent.

The inventory of homes for sale fell from 23,640 active listings in January 2024 to 22,876 homes in January 2025. This represents a decline of 3.2 percent.

Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024. This marks 18 consecutive months the median price has risen in year-over-year comparisons.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

NY housing market sees sales climb despite record-low inventory

Albany, NY – January 24, 2025 – Home sales inched upwards in December despite housing inventory reaching its lowest point in recorded history, according to the housing report released today by the New York State Association of REALTORS®.

Housing inventory fell 2.6 percent in December, from 23,808 units available in December 2023 to a record low 23,198 homes in December 2024. This marks the lowest number of homes for sale since statistics started being kept by NYSAR in 1997.

Sales across the Empire State did increase in December. Closed sales rose 3.7 percent – from 8,814 homes in December 2023 to 9,138 units last month. Pending sales rose from 6,207 homes in December 2023 to 6,423 homes in 2024. This represents a 3.5 percent increase in year-over-year comparisons. New listings were also up 3.9 percent in December – from 5,742 listings in 2023 to 5,968 listings in 2024.

Interest rates dropped slightly in December, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage ended the month at 6.72 percent, which is lower than the November average rate of 6.81 percent. For comparison, a year ago, the interest rate stood close to November’s average rate of 6.82 percent.

Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

NYSAR Statement on Governor Hochul’s State of the State Address

The New York State Association of REALTOR(S), Inc. (NYSAR) applauds Governor Hochul for proposing new and enhanced programs to assist New York homebuyers during her annual State of the State address.

We support the creation of a Pro-Housing Supply Infrastructure Fund that will assist local governments with infrastructure challenges and enable the development of housing across New York.  Providing further technical assistance in the development of master plans and zoning updates will also enable communities in New York to create more housing.  Developers of housing in New York routinely lament the process of navigating New York’s environmental review process. We are hopeful that Governor Hochul’s proposal to streamline the review of modest sized developments will lead to an increased development of housing.

The governor’s proposal to allow for an opt-in to local governments to offer a tax incentive program for owners of low to moderate income homebuyers will open the door housing for New Yorkers that struggle with the property their tax burden.

NYSAR stands ready to work with Governor Hochul and the state legislature to strengthen efforts combatting bias and illegal discrimination in real estate appraisals.  There is no room for illegal discrimination in any facet of the real estate transaction. Every homeowner and buyer deserve a fair and unbiased property valuation, free from discrimination or systemic inequities. To this end NYSAR was supportive of New York’s first in the nation requirement, that all real estate appraisers, beginning in 2022, complete a fair housing and fair lending education course to obtain and renew their license — an important step in promoting accountability and awareness.

NYSAR’s Statement on Governor Hochul’s 2025 priorities

Purchasing a home in New York State remains unaffordable for too many, which is why we are happy to learn that Governor Kathy Hochul has incorporated in her 2025 planning a strategy long supported by NYSAR to incentivize down payment savings.

NYSAR has championed legislation to help residents save for down payment and closing costs associated with the purchase of a home.  In 2024, a bill proposed by NYSAR was introduced by Senator Jeremy Cooney (Rochester) and Assemblyman Phil Ramos (Suffolk County) that would create a state tax deductible savings account for New York first-time home buyers, operating like the state’s existing 529 College Savings program.

Although the details of Governor Hochul’s proposal are still unknown, it appears she is considering a similar program, and we urge her to incorporate the NYSAR plan in her budget proposal.

There are many benefits to this approach.  Assisting New Yorkers to afford our state’s notoriously high closing costs would help clear a significant hurdle to home buying.  Additionally, saving to provide larger down payments allows borrowers to avoid higher interest rates and fees, including private mortgage insurance (PMI).

The governor is proposing other home buying incentive programs that NYSAR will evaluate once specifics are available.

New York Home Inventory Drops Amid Rising Mortgage Rates

Albany, NY – December 19, 2024 – Inventory of homes for sale across New York State dropped to the lowest point since March while interest rates continue to inch closer to seven percent, according to the housing report released today by the New York State Association of REALTORS®.

Housing inventory dropped in November, from 29,499 homes available in 2023 to a modest 26,152 units last month. This represents an 11.3 percent decline and the lowest number of available homes since March when there were just 25,756 available properties.

Interest rates in November climbed once again according to Freddie Mac, averaging out to 6.81 percent on a 30-year fixed-rate mortgage. This is nearly a half point higher than the 6.43 percentage rate in October, yet still lower than November 2023, when rates were standing at 7.44 percent.

Closed sales across the Empire State dipped 4.6 percent from 9,079 sales in November 2023 to 8,660 units in November 2024. Pending sales did rise 3.6 percent in year-over-year comparisons, from 7,602 homes in 2023 to 7,874 homes in 2024. New listings were down 8.6 percent from 9,252 units in 2023 to 8,455 homes last month. This marks an 8.6 percent decline.

Median sales prices continue to jump as well, elevating 9.5 percent in November, from $370,000 in November 2023 to $405,000 last month.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Take Action Now: Say NO to mandated fire sprinklers in NY homes

REALTOR® CALL FOR ACTION: New statewide mandate requiring New Yorkers to install home fire sprinkler systems being considered

The State Fire Prevention and Building Code Council released its proposed amendments to the state Uniform Code, which includes a new unfunded mandate requiring the installation of residential fire sprinkler systems in all new 1-2 family homes and townhomes.

NYSAR is not opposed to fire sprinklers, however, we believe it should remain the choice of the consumer whether to install them in their home. Among several issues of concern include additional costs associated with the installation and maintenance of the system, particularly for those homes on well water, making homeownership even less affordable for New Yorkers. Importantly, state law already exists requiring home builders to provide purchasers of newly constructed homes with information on the benefits and estimated costs associated with the installation of fire sprinklers, which NYSAR supports.

Take Action now and tell the governor, state lawmakers, and Code Council to oppose mandated residential fire sprinklers in New York. Please share the link with colleagues and clients.

New York home prices soar as mortgage rates inch higher in October

Albany, NY – November 21, 2024 – Home prices across New York jumped considerably in October while mortgage rates steadily climbed last month, according to the housing report released today by the New York State Association of REALTORS®.

The median price of a home in the Empire State rose 11.0 percent in October, rising from $374,000 in October 2023 to $415,000 last month. This marks the sixteenth consecutive month that median sales prices have risen in year-over-year comparisons.

Interest rates rose every week during October, according to Freddie Mac, settling in at an average interest rate of 6.43 percent on a 30-year fixed-rate mortgage. This is up from the 6.18 percent average last month, but still well below the 7.62 percent average in October 2023.

Closed sales across New York were down 3.8 percent in year-over-year comparisons, from 9,989 sales in October 2023 to 9,609 homes sold just last month. Pending sales rose from 9,270 homes last October to 10,044 units in October 2024. This marks an 8.3 percent increase. Pending sales also inched upwards, raising 1.5 percent from 12,446 listings in October 2023 to 12,637 units last month.

Homes for sale were down across New York in October, from 30,830 available homes in 2023 to 28,691 homes last month. This represents a 6.9 percent decrease.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Amid rising prices, existing home sales drop across New York

Albany, NY – October 23, 2024 – Median home prices rose for the 13th consecutive month across New York while sales of existing homes dropped in September, according to the housing report released today by the New York State Association of REALTORS®.

Median home prices jumped 8.4 percent in September, from $387,000 last year to $420,000 in 2024. Median sales prices have risen every month in year-over-year comparisons since July 2023.

Closed sales dipped 5.5 percent to 9,352 units in September 2024 from 9,900 existing home sales in September 2023. Pending sales increased 2.6 percent from 8,887 homes last September to 9,122 homes in September 2024. New listings also rose from 12,618 in September 2023 to 12,957 units last month. This marks a 2.7 percent increase in year-over-year comparisons.

Inventory across the Empire State fell once more in September – from 30,730 homes on the market in September 2024 to 29,198 just last month.

According to Freddie Mac, mortgage rates on a 30-year fixed-rate mortgage fell to their lowest rate in September in two years at 6.08 percent, averaging 6.18 percent for the month.  For comparison, the interest rate in September 2023 averaged 7.20 percent.

Additional data is available at http://www.nysar.com/industry-resources/market-data.