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Economic expansion, low inventory fuel 2019 NYS Housing Market

Albany, NY – January 22, 2020 – A strong economy sent buyers in search of their dream home in 2019, yet many were constrained by low inventory levels all year, according to the housing report released today by the New York State Association of REALTORS®.

Low inventory in 2019 continued to push median sales prices up for the year. Inventory of homes for sale fell 8.4 percent to 56,214 units in 2019 compared to 2018. Median sales prices, in turn, climbed 7.4 percent to $290,000 compared to last year. December marks the 47th consecutive month that the median sales price was up in month-over-month comparisons.

In 2019, closed sales were down slightly – 1.1 percent to 131,656 units. New listings did inch up 0.6-percent in 2019 to 206,192 units compared to 2018. Pending sales were also up 3.0 percent to 136,497 homes year-to-date.

Mortgage rates in 2019 were up slightly on a 30-year fixed mortgage to 3.94 percent, according to Freddie Mac, yet they are still over a half a percent lower than they were in 2018, helping to balance affordability concerns caused by continued price appreciation.

New listings did inch up 0.6-percent in 2019 to 206,192 units compared to 2018. Pending sales were also up 3.0 percent to 136,497 homes year-to-date.

In 2019, due to the low inventory, buyers did receive 97.4 percent of list price, up 0.1-percent from 2018.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Homebuyer confidence increases with surge of new home construction

Albany, NY – December 19, 2019 – As U.S. homebuilding increased in November, pending sales and new listings rose year-to-date in New York State compared to this time last year, according to the housing market report released today by the New York State Association of REALTORS®.

According to the United States Commerce Department, both construction of new homes and applications for building permits rose in November. Accordingly, new listings in New York are up 0.8 percent year-to-date to 197,965 units while pending sales are also up 2.7 percent from this time last year to 128,292 homes. 

Closed sales, however, are down two percent year-to-date to 119,824. Days on the market decreased 2.7 percent to 71 days compared to this time last year.

The median sales price growth trend has continued for 47 consecutive months, inching up 3.7 percent from November last year to $280,000.

Interest rates remained virtually steady from October 2019, up 0.1 percent in November on a 30-year fixed mortgage, according to Freddie Mac. The rates though are still over one percent lower than those in November 2018.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Less inventory of homes amounts to fewer sales in New York State

Albany, NY – November 21, 2019 – Against the continual backdrop of fewer homes on the market, homebuyers in New York State closed 12,408 sales during October, falling 4.1-percent from October 2018, according to the housing market report released today by the New York State Association of REALTORS®.

Inventory of homes for sale dropped for the fourth consecutive month, falling 4.2-percent to 69,081 units and new listings inched lower as well, 2.3-percent to 16,457 houses.

Pending sales, however, increased 2.6 percent in New York State, totaling 11,844 units in October, and are up 2.6-percent in year-over-year comparisons to 108,699 homes.

The median sales price growth trend continued, climbing to $280,000 – an 8.1-percent increase compared to this time last year.

While interest rates did rise slightly, up 0.8-percent to 3.69-percent on a 30-year fixed mortgage, according to Freddie Mac, the rates are still one-percent lower than those in October 2018.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

New York housing market showing positive signs in September

Albany, NY – October 22, 2019 – Buoyed by a strong economy and continued low mortgage rates, the New York State housing market showed an upward climb in sales and listings in September, according to the housing market report released today by the New York State Association of REALTORS®.

Closed sales in New York totaled 11,467 units in the month of September, a 1.6-percent increase from this time last year. New listings and pending sales rose substantially in September – up 7.5-percent to 18,161 homes and 7.6-percent to 11,182 respectively.

For the third quarter, closed sales were down marginally, 0.8-percent to 38,722 homes but both new listings and pending sales trended upward.  There were 56,361 new listings this quarter, a 1.2-percent increase, while pending sales rose 4.9-percent to 37,766 homes.

Interest rates remained low, down 0.1-percent to 3.61 percent on a 30-year fixed mortgage, according to Freddie Mac. This is the fourth consecutive month that interest rates were below 4.0-percent.

Median sales prices once again climbed in September, up 5.7-percent to $280,000. Quarterly prices surged upwards as well, rising 5.5-percent to $290,000. Inventory levels were down for September, 2.9-percent to 71,737 homes for sale.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

NYSAR honors Long Island REALTOR® Liz English as REALTOR® of the Year

Albany – October 9, 2019 – The New York State Association of REALTORS® honored Liz English as the 2019 REALTOR® of the Year during the association’s recent Fall Business Meetings at Turning Stone Resort & Casino in Verona, NY.

She is the 62nd recipient of the REALTOR® of the Year award, which recognizes outstanding service to the REALTOR® organization at the local, state and national levels, a strict adherence to the high principles of the National Association of REALTORS® Code of Ethics, a commitment to civic activity and business accomplishments.

English has been a REALTOR® for more than 30 years – primarily in southwest Suffolk County on Long Island. She joined the Long Island Board of REALTORS® (LIBOR) 33 years ago and is a past president of the organization. English also helped establish the New York East chapter of the Asian Real Estate Association of America and LIBOR’s Young Professionals Network. 

English’s involvement doesn’t stop at the local and state level, she also serves as a Federal Political Coordinator to Congressman Pete King and on the Board of Directors for the National Association of REALTORS®. She was also inducted into the REALTORS® Political Action Committee (RPAC) Hall of Fame in 2018, which recognizes members who have invested at least $25,000 to protect the political future of the real estate industry. RPAC promotes the election of political candidates across the country who understand and support the interests of REALTORS®.

English, who works for Netter Real Estate in West Islip, isn’t the first one in her family to lobby for real estate issues.

“My mom lobbied for fair housing in the 1950s in D.C. and now I’m doing it in D.C. and Albany,” she said. “It’s wonderful that we can work to effect change for the consumers. Most homeowners have no idea what we do on their behalf, but that’s how we make a difference.”

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 59,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Lack of affordable inventory continues to hamper NYS housing market growth

Albany, NY – September 20, 2019 – As a result of nearly four years of rising median sales prices, a shortage of affordable homes is affecting total home sales, according to the housing market report released today by the New York State Association of REALTORS®.

The median sales price has risen 44 consecutive months, escalating 8.0 percent in August to $296,900 in a year-over-year comparison. New listings in the Empire State have declined 2.8 percent to 18,117 units.

Low interest rates, which have fallen to 3.62 percent on a 30-year fixed mortgage, according to Freddie Mac, historically would entice buyers into the housing market. So far, lower interest rates haven’t been enough in New York State as closed sales dropped 8.3 percent from 14,708 units to 13,492 compared to this time last year.  Pending sales are also down 1.1 percent in year-over-year comparisons, yet are slightly up for the year, increasing 1.5 percent to 95,429 properties year-to-date.

Days on the market continues to hold steady from August of 2018 at 61 days while months supply of inventory fell 3.0 percent to 6.4 months

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Home prices continue upward climb as sales fail to keep up

August 21, 2019 – With the median sales price in New York State rising for 43 consecutive months to nearly $300,000, sales are struggling to keep pace according to the housing market report released today by the New York State Association of REALTORS®.

The median sales price escalated to $299,950 – a 7.1-percent increase in year-over-year comparisons.  With an economy growing slower than the prices of homes, it is still leaving buyers struggling with affordability in some markets. The good news for home buyers continues to be interest rates. In July, a 30-year fixed mortgage rate fell to 3.77 percent according to Freddie Mac.

Pending sales did climb 5-percent to 13,355 sales and are still 1.7-percent ahead of last year’s pace at 82,499 units. Closed sales fell 2.1-percent to 12,733 houses. New listings, however, are still up in year-over-year comparisons, 1-percent to 132,918 units.

Days on the market remained unchanged from July of 2018 at 63 days and months supply of inventory fell 1.5-percent to 6.5 months.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Pending sales rise in the Empire State as mortgage rates continue to drop in the second quarter

July 23, 2019 – With mortgage rates dropping yet again in the second quarter of 2019, pending sales in New York State inched up one percent from 39,663 homes to 40,054 units, according to the housing market report released today by the New York State Association of REALTORS®. 

In June, a 30-year fixed mortgage rate fell to 3.80 percent – the lowest rate since November of 2016, according to Freddie Mac. Accordingly, the 40,054 pending sales for the quarter were the second highest total since the second quarter of 2017 in a quarter-over-quarter comparison. 

The median sales price continues to trend upwards, elevating 5.7-percent in the second quarter from $265,000 to $279,999.  This marks 42 consecutive months that the median sales price is up in a year-over-year comparison. Year to date, the median sales price is also up; 5.8-percent to $275,000. 

Inventory saw a slight decline of 1.1-percent from 72,166 homes for sale to 71,344 units in a year-over-year comparison. The month’s supply of homes for sale remained unchanged at 6.4 months.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Home sales prices, inventory climb as interest rates continue to fall

June 21, 2019 – Home sales prices continued to rise in New York State in May, while the inventory of homes for sale also inched upwards for the sixth consecutive month, according to the housing market report released today by the New York State Association of REALTORS®.

There also continues to be good financial news for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate dropped for the sixth straight month to 4.07 percent in May, the lowest rate since January 2018. 

There were 69,118 homes for sale in the month of May – the most in New York State since October 2018.

The median sales price continues to escalate, jumping 6.0 percent to $273,200 compared to the same time last year. This marks 41 consecutive months that the median sales price is up in a year-over-year comparison. Additionally, the number of days a house was on the market decreased from 79 in May 2018 to 75. 

The month’s supply of homes for sale was up 1.6 percent compared to May 2018 to a 6.2 month’s supply. A 6-month to 6.5-month supply is considered to be a balanced market. 

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Housing market continues upward trend as Spring arrives

May 21, 2019 – With the typically robust spring season upon us, new listings increased 2.4 percent in April and 3.9 percent year to date, while pending sales rose 1.2 percent compared to this time last year across the Empire State, according to the housing market report released today by the New York State Association of REALTORS®. There were 21,192 new listings and 12,835 pending sales in New York in April.

Median sales prices continue to climb, escalating 6.3 percent to $271,000. This marks 40 consecutive months that the median sales price is up in a year over year comparison. Year to date, median home sales are up 6.3 percent.

Despite a decline in closed sales from April of 2018, which fell 2.3 percent to 8,931 homes, decreasing mortgage rates are a good sign for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate fell to 4.14 percent in April, its lowest rate since January 2018.

Inventory continues to rise, increasing 1.1 percent to 64,531 homes for sale across the state. The month’s supply of homes for sale was up 3.6 percent compared to this time last year. In April, there was a 5.8 month supply of homes. A 6-month to 6.5-month supply is considered to be a balanced market that neither favors buyers or sellers.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

New York first quarter statewide housing market shows upward trend

With 46,883 new listings and 29,100 pending sales across the Empire State in the first quarter, the real estate market is trending upwards. New listings were up 4.1 percent from the first quarter of 2018 while pending sales rose 0.8 percent.

Median sales prices were also up in a quarter-over-quarter analysis, rising 6.8 percent to $275,000. The average home sales price increased 1.5 percent as well to $360,526.

While closed sales declined from the first quarter of 2018, dropping 6.2 percent to 24,405 homes, other factors are allowing potential home buyers to remain optimistic. According to Freddie Mac, the 30-year fixed rate mortgage rate has steadily decreased since the beginning of 2019, falling to 4.27 percent, its lowest rate since January 2018.

With the typically strong spring season just around the corner, inventory continues to rise, increasing 3.4 percent to 63,504 homes for sale across the state.  The month’s supply of homes for sale was up 5.6 percent in year over year comparisons to 5.7 month’s supply. A 6-month to 6.5-month supply is considered to be a balanced market.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

Median Sales Price Remains High Despite Slow Start to 2019

The median sales price in New York State continued to rise in February, increasing 9.8-percent from this time last year, according to the housing market report released today by the New York State Association of REALTORS®.  The $280,000 median sales price last month is the highest for a month since January 2007 when the median sales price stood at $290,000.

Though pending sales decreased 1.5-percent to 8,915 units compared to the same time last year, they are up 1.3-percent year-to-date to 17,460. Closed sales were down 9-percent to 7,080 from February of 2018. 

Looking forward, there are encouraging signs for home owners. According to Freddie Mac, the rate for a 30-year fixed rate mortgage dropped for the third consecutive month to 4.37-percent. This is the lowest rate since February 2018 when it was 4.33-percent.

New listings were down 4.1 percent to 13,562 while inventory grew 0.7 percent to 60,966 units.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.