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New year, same story for New York State housing to start 2024

Albany, NY – February 22, 2024 – Low housing inventory continued to slow the New York housing market and with interest rates still fluctuating near 6.5 percent, 2024 began much the same as 2023 ended in the Empire State, according to the housing report released today by the New York State Association of REALTORS®.

Interest rates moved marginally from December 2023 to January 2024 in month-over-month comparisons. According to Freddie Mac, the average on a 30-year fixed-rate mortgage dropped from 6.82 percent in December to 6.64 percent in January. For comparison, a year ago at this time, the interest rate stood at 6.27 percent.

Inventory of homes for sale across New York dipped 10.2 percent in January – from 39,544 homes available in 2023 to 35,492 units on the market in 2024. This marks the 11th consecutive month that inventory has fallen in New York in year-over-year comparisons.

The median price of homes went up 9.6 percent in January, rising to $400,000. This is up from the $365,000 median price in January 2023.

New listings fell 1.5 percent from 9,423 listings in January 2023 to 9,279 homes last month. Closed sales saw a decline of 3.8 percent in year-over-year comparisons, dropping 3.8 percent from 7,486 to 7,2023 homes in January 2024. Pending sales increased in January, inching up 8.9 percent from 6,629 sales in January 2023 to 7,221 homes in 2024.

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

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 28.10: Support Asylum Seekers
Declared: Extended on February 18, 2024 (Original EO 28 declared May 9, 2023)
Expires: March 17, 2024

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.

 

Lobby Day Registration Opens February 8

Registration for Lobby Day 2024 is coming up on February 8. Join your fellow REALTORS® from across New York State on March 27 in Albany, to advocate in front of your lawmakers to discuss real estate related priorities that matter in your area and across the state. Lobby Day is a FREE event and everyone is encouraged to attend. Stay tuned to NYSAR communications leading up to the February 8 registration for more information and how to get involved!

2023 closes with lowest recorded housing inventory in New York history

Albany, NY – January 19, 2024 – As 2023 ended, inventory of homes across the Empire State fell to the lowest recorded mark in history, according to the housing report released today by the New York State Association of REALTORS®.

Inventory of homes for sale across New York dropped to an all-time recorded low of 24,469 units in December 2023. This represents a 17.8 percent decline in the 29,768 homes available in December 2022.

Prices continued to rise to close out 2023, with the median sales price of homes escalating 10.1 percent to $380,000 last month, up from $345,000 in December 2022. This marks the fifth consecutive month of rising median sales prices.

Interest rates have started to come down in month-over-month comparisons. According to Freddie Mac, the average on a 30-year fixed-rate mortgage dropped from 7.44 percent in November 2023 to 6.82 percent in December. For comparison, a year ago at this time, the interest rate stood at 6.36 percent.

New listings and pending sales both rose slightly in December. New listings of homes were up 0.4 percent in year-over-year comparisons from 5,769 units in December 2022 to 5,791 homes last month. Pending sales inched up 0.7 percent from 6,483 units in 2022 to 6,528 homes in December 2023. Closed sales, however, did fall, dropping 12.6 percent from 9,855 sales in December 2022 to only 8,611 homes to close out 2023.

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

NYSAR Statement on Governor Hochul’s Budget

The New York State Association of REALTORS® (NYSAR) strongly agrees with Governor Hochul that New York State government should not increase or propose new taxes. New York is struggling with an ongoing outmigration problem, fueled by our notoriously high living costs and taxes. Increasing taxes will only worsen the economic challenges facing New Yorkers.

Two things to consider:

  • New York led the nation in population loss, with a decline of 101,984 thousand residents for the period ending July 1, 2023[1]
  • New York State had the 2nd largest budget in the nation with $186.6 billion in state expenditures (more than $50 billion higher than the state with the 3rd largest budget)[2]

New York’s problem is not that it taxes too little, rather it spends too much. Furthermore, New York cannot spend its way out of an affordability crisis. NYSAR appreciates the Governor rightly focusing on the issue of affordability, and the importance of no new or increased taxes.

[1] https://www.empirecenter.org/publications/nys-post-pandemic-population-loss-slowed-a-bit-last-year-but-still-worst-in-u-s/
[2] https://www.kff.org/other/state-indicator/total-state-spending/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Location%22,%22sort%22:%22asc%22%7D

 

NYSAR’s Statement on Governor Hochul’s 2024 State of the State

NYSAR applauds Governor Hochul for once again drawing attention to New York’s housing crisis.  Both homeowners and renters across New York face high housing costs primarily due to the critical shortage of housing stock.

We are faced with several stark realities.

  • New York has the lowest homeownership rate in the country at 55.4 percent in 2021 while the national rate is 66 percent, according to the New York State Comptroller’s office.
  • NYSAR has reported there were only 27,779 homes available in New York State in November 2023, representing an all-time low figure for homes for sale.
  • Since 2020, the Census Bureau estimates, New York has lost 884,000 residents to other states, signaling the continued flight of New Yorkers to more affordable states.

Addressing this crisis will require attention to New York’s woeful track record in the development and creation of housing stock.  New York must reject further inhibitors and disincentives to the development of more housing, including adopting so-called “good cause” legislation, and implement policies that will foster the creation of housing of all kinds.

We support the Governor’s stated initiatives including a tax abatement for the development of rental housing, incentives for below-market housing in office conversions, revising the State Environmental Quality Review Act and the legalization of existing basement apartments.

To address the state’s outmigration of its citizens, New York must adopt policies that encourage people to stay and build roots in New York.  We believe that programs like the New York State First-Time Homebuyer Savings program, currently under consideration by the legislature, will help New Yorkers overcome our nation-leading closing costs, avoid private mortgage insurance, incentivize savings, and create generational wealth.

Governor Hochul, Speaker Carl Heastie, and Senate Majority Leader Andrea Stewart-Cousins have all publicly stated that affordable housing construction is a top priority, and NYSAR and its 63,000 members stand ready to assist their efforts.

An Important Message from NYSAR President Joe Rivellino

(1-9-24) – Yesterday National Association of REALTORS® President Tracy Kasper resigned which is the second departure by a NAR officer in 6 months.  While this is a troubling development, I want to assure you that this does not affect NYSAR’s ability to fully serve our members.  I also have every confidence that NAR under new President Kevin Sears will successfully overcome its current challenges and will deliver the world class services it is known for.

One of NYSAR’s key value propositions is its advocacy.  The 2024 legislative session began last week, and our government affairs team is active at the capitol fighting for you.  Among our priorities are supporting affordable housing construction and first-time homebuyer incentives, opposing unjustified constraints on private property rights, and fighting for additional fair housing measures.

As a NYSAR member, you have access to a wide range of educational offerings and valuable member services like our free legal hotline and monthly virtual legal updates.  NYSAR.com is updated frequently to give you the timely and comprehensive information you need.

My leadership team and I look forward to hosting hundreds of REALTORS® from across the state at our “Opportunity Awaits” Mid-Winter Business Meetings to be held February 4-8 in Albany.  Attendance is free for NYSAR members, and all members are welcome.  Click here for more information on our business meetings. Your voices matter!

NYSAR members have tackled many challenges over the years including the Great Recession, a Superstorm and a pandemic.  In every case we endured and ultimately emerged stronger.  Rest assured that NYSAR is prepared to deliver great value for your membership in these challenging times.

Inventory falls to all-time low, while home prices continue to climb across New York

Albany, NY – December 20, 2023 – Inventory of homes across the Empire State fell to record lows in November while elevated sales prices slowed New York’s housing market even more, according to the housing report released today by the New York State Association of REALTORS®.

Inventory of homes for sale fell to an all-time low of 27,779 units in November. This marks a 20.7 percent decline in the 35,029 homes available in November 2022.

Median sales prices were up for the fourth consecutive month in year-over-year comparisons, rising 2.6 percent from $360,468 last November to $370,000 in 2023.

Interest rates, although still elevated, dropped in month-over-month comparisons – falling from 7.62 percent on a 30-year fixed-rate mortgage in October to 7.44 percent in November, according to Freddie Mac. A year ago at this time, the average on a 30-year fixed-rate mortgage was 6.81 percent.

Closed sales fell 13.7 percent in November, from 10,221 sales in 2022 to just 8,819 sales last month. This marks the 27th consecutive month in year-over-year comparisons closed sales have fallen. Pending sales however, did inch upwards, increasing 1.4 percent to 7,970 homes – up from the 7,859 homes last November. New listings dropped slightly in November, falling 1.5 percent from 9,359 listings in November 2022 to 9,220 listings last month.

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

NYSREEF scholarship deadline coming up on December 31

The New York State Real Estate Education Foundation provides scholarships for national designation courses to active REALTORS® practicing full-time in New York State. Any REALTOR® actively engaged in real estate, who holds primary REALTOR® membership in New York State and who has been licensed in New York State for at least one full year, is eligible to apply. This includes salespersons, associate brokers, brokers, and appraisers. The deadline is December 31 so don’t wait! For more information and to apply, click here.

Reduced inventory, rising interest rates curtail New York housing market in October

Albany, NY – November 21, 2023 – As interest rates inched closer to eight percent, sales of homes across the Empire State dipped once again in October, according to the housing report released today by the New York State Association of REALTORS®.

Interest rates peaked in October at 7.79 percent on a 30-year fixed-rate mortgage, according to Freddie Mac – finishing the month averaging 7.62 percent. This is up from the 7.20 average last month. A year ago at this time, the average on a 30-year fixed-rate mortgage was 7.08 percent.

Closed sales fell for the 26th consecutive month in year-over-year comparisons, from 11,298 homes in October 2022 to just 9,733 units last month. This represents a 13.9 percent decrease. Pending sales however did inch upwards, increasing 3.5 percent to 9,693 homes – up from the 9,364 homes last October. New listings remained similar from a year ago, dropping 0.1 percent from 12,440 listings to 12,423 this year.

Inventory of homes for sale across New York dropped in October as well, from 37,275 homes available in 2022 to only 29,316 units in October 2023. This marks a 21.4 percent decline in year-over-year comparisons.

The median sales price of homes jumped 4.5 percent in October – from $359,000 in 2022 to $375,000 in 2023.

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

Congress extends funding for NFIP to February 2024

The federal government funding bill passed by the Senate Wednesday extends funding of the National Flood Insurance Program (NFIP) through February 2, 2024 without any reforms until early next year. Funding for the NFIP was set to expire on November 17 absent action taken by Congress. Thank you to all New York REALTORS® who participated in the Call for Action calling on Congress to extend this critical funding for the NFIP. Read more here.

NAR Announces Leadership Transition

National Association of Realtors®, the country’s largest trade association, today announced that Nykia Wright has been appointed its interim Chief Executive Officer, starting November 20, 2023. Bob Goldberg, who announced his planned retirement in June of this year, will serve as an executive consultant to NAR to help support the transition. As previously announced, NAR is conducting a comprehensive search process to identify a permanent CEO.

Wright brings a breadth of executive leadership and strategic advisory experience to NAR. As CEO of the Chicago Sun-Times, she led the newspaper through a sweeping digital transformation and a merger with WBEZ (Chicago Public Media). Wright began her career in the financial services industry and, prior to leading the Sun-Times, was a strategy and business transformation consultant who advised companies and organizations on a variety of operational, financial, and performance improvement matters. She is also the co-founder of SonicMESSENGER, a software-as-a-service (SaaS) startup helping democratize audience engagement and measurement by leveraging smart audio. She sits on the board of the American Cancer Society and the Better Government Association, among other entities, and is a member of the Dean’s Advisory Council at her alma mater, the Tuck School of Business at Dartmouth.

“We are delighted to welcome Nykia as interim CEO,” said NAR President Tracy Kasper, a Realtor® from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. “Her deep experience driving organizational transformation positions her well to advance our strategy, vision and culture initiatives. I look forward to working with her, in partnership with our Leadership Team and staff, to continue strengthening our organization.”We are immensely grateful for Bob’s leadership and decades-long service to NAR. It has been a privilege to work with him in expanding and strengthening our organization, and we congratulate him on his well-deserved retirement,” Kasper added. “His contributions to our association and our industry have been tremendous.”

“NAR advocates for and empowers people who help families across America realize the dream of homeownership,” Wright said. “I am honored to join the organization at this important moment, when the opportunity to make a difference in the evolving real estate landscape has never been greater. I look forward to getting to work and partnering closely with NAR’s talented staff in the months ahead.”

Goldberg also spoke to the transition. “After announcing my decision to retire earlier this year, and as I reflected on my 30 years at NAR, I determined last month that now is the right time for this extraordinary organization to look to the future. Nykia’s strategic expertise and forward-looking perspective are exactly what NAR needs to continue advancing its mission in an ever-changing world. I am grateful for the privilege of leading NAR and confident that the association will continue delivering incredible value to its members for generations to come.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.