The 2022 Triple Play REALTORS Convention & Trade Expo is scheduled for December 5-8, 2022 in Atlantic City, New Jersey.
Hear from national speakers, choose from more than 100 unique sessions, including CE and non-CE, enjoy the expansive two-day Trade Expo, nightly social events and much more.
To learn more and register, click here!
New York State housing market continues to slow as interest rates rise
Albany, NY – October 20, 2022 – Interest rates increased yet again in September, slowing home sales even further across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales dipped 12.6 percent from 13,797 units in September 2021 to just 12,057 homes last month, marking a 12.6 percent decline. Pending sales fell 11.2 percent – from 12,686 homes last September to 11,269 homes in September 2022. New listings of homes also slowed from 16,656 listings in September 2021 to 14,461 in September 2022. This marks a 13.2 percent decrease in year-over-year comparisons.
Mortgage interest rates topped six percent for the first time since 2008, with rates more than double where they were at the beginning of the year. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage jumped from 5.22 percent in August 2022, to 6.11 in September 2022.
The median sales price of homes across New York State increased slightly in September, rising from $370,255 in September 2021 to $379,000 last month, marking a 2.4 percent increase.
Inventory of homes for sale dropped to just 39,370 units available in September 2022. This represents a decrease of 14.4 percent from the 45,987 homes on the market in September 2021. A 6-month to 6.5-month supply is considered to be a balanced market.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
The NYSAR Leadership Academy identifies, educates, and inspires future leaders in a professional, supportive environment. The Advisory Board is seeking applicants representing a cross-section of the profession for the 2023 Leadership Academy class.
To learn more and download the application, click here!
Registration is still open for NYSAR’s “Elevate Your Profession” in-person Fall Business Meetings, September 30 through October 3 at the Saratoga Hilton in Saratoga Springs New York. Some committee meetings will take place virtually the week of September 19. For all of the information, including both virtual and in-person schedules, hotel information and event registration, visit NYSAR.com and click on the Elevate Your Profession, Fall Business Meetings link!
Albany, NY – September 21, 2022 – Home prices across the Empire State rose once again in August while home sales continued to decline, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales fell 10.9 percent in August from 15,367 homes in 2021 to only 13,740 units last month. Pending sales of homes dipped from 14,464 homes in August 2021 to 13,740 homes in 2022. This represents a five percent decline. New listings of homes were also down in year-over-year comparisons, falling 15.2 percent – from 18,099 listings in August 2021 to 15,344 just a month ago.
The median sales price of homes across New York state escalated 3.8 percent in August, from $390,000 in 2021 to $405,000 in 2022. This marks 28 consecutive months in year-over-year comparisons that median sales prices have increased.
Inventory of homes for sale fell 15.5 percent in New York State – from 46,367 homes in August 2021 to just 39,179 in August 2022. Months’ supply of inventory fell 8.6 percent from 3.5 months of inventory in August 2021 to just 3.2 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.
Good news for homebuyers as mortgage interest rates dropped slightly last month. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage fell from 5.41 percent in July 2022, to 5.22 in August 2022. This is still over two percentage points higher than the rate of 2.84 percent in August 2021.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
9-15-22 – New York’s State of Emergency related to COVID-19 expired on September 12 at midnight. However Governor Kathy Hochul has declared numerous other States of Emergency that are currently in effect including a statewide State of Emergency related to polio that is in effect until at least October 9, 2022. As a result of being under other States of Emergency, licensees are still prohibited from making any cold calls. NYSAR is monitoring all of the current Executive Orders declaring a State of Emergency and will notify members when they have expired or are lifted.
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.
If you have any questions, please contact the NYSAR Legal Hotline. The Legal Hotline is available Monday-Friday from 9:00am-4:00pm at 518-436-9727.
Albany, NY – August 18, 2022 – The New York housing market continued to cool in July, as rising sales prices, low inventory, and high mortgage rates slowed buyer activity, according to the housing report released today by the New York State Association of REALTORS®.
Median sales prices once again rose, escalating 9.1 percent from $385,000 in July 2021 to $420,000 in July 2022. This marks 27 consecutive months in year-over-year comparisons that median sales prices have increased.
Inventory of homes for sale fell 13.9 percent in July 2022 – from 46,936 homes in July 2021 to just 40,426 this year. Months’ supply of inventory fell 5.7 percent from 3.5 months of inventory in July 2021 to just 3.3 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.
Mortgage interest rates, which had risen for seven consecutive months, dropped slightly last month. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage fell from 5.52 percent in June 2022, to 5.41 in July 2022. This is still over two percentage points higher than the rate of 2.87 percent in July 2021.
New home listings dropped to 16,841 units in July 2022 from 19,747 homes available in July 2021. This represents a 14.7 percent decrease. Closed sales declined as well, falling 14.1 percent from 14,302 homes in July 2021 to just 12,291 homes last month. Pending sales also were down, falling to 12,930 units in July 2022 from 14,221 units in July 2021, marking a 9.1 percent decrease.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
The recording of the July Free CE Legal Update is now available for viewing. This update includes detailed information about the recently enacted broker Standard Operating Procedure law. For this video and past monthly Legal Updates, click here.
Now is the time to volunteer your time to serve on a New York State Association of REALTORS® committee, forum, working group or foundation.
By signing up for committee service, you will be helping guide and shape your association, while gaining a deeper understanding of our industry’s issues and the value of being a member of the REALTOR® family. A personally and professionally rewarding experience, committee involvement is also a great networking tool and a way to make lasting friendships and connections.
Everyone is invited to be an active committee member. You may sign up for up to four open committees and request up to three closed committees of the more than 30 NYSAR committees available in 2023.
We ask you to be sure that you’ll be able to attend the following 2023 business meetings before committing to serve:
NYSAR committee sign up is available right now through July 31. In order to make your requests, click here. You will need to sign-in using your NYSAR.com login credentials.
Albany, NY – July 20, 2022 – A prolonged lack of homes on the market across the Empire State, combined with high prices and escalating mortgage rates continue to slow the New York housing market according to the housing report released today by the New York State Association of REALTORS®.
Inventory decreased 14.3 percent across New York in June, falling from 45,441 homes available in 2021 to just 38,965 units available last month. Months’ supply of inventory fell from 3.3 months to 3.1 months marking a 6.1 percent drop. A 6-month to 6.5-month supply is considered to be a balanced market.
The average median sales price in June in the Empire State jumped to $428,825. This marks a 13.1 percent increase from the $379,000 price in June of 2021. In year-over-year comparisons, median sales prices have now increased for 26 consecutive months.
According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose once again, rising from 5.23 percent in May 2022 to 5.52 percent in June 2022. This is highest the monthly average commitment rate has been since November 2008, when it stood at 6.09 percent.
Closed sales fell 8.6 percent – from 13,693 homes in June 2021 to 12,520 sales last month. Pending sales dropped to 14,326 homes in June 2022 from 15,321 in June 2021. This marks a 6.5 percent decline. New listings also fell to just 20,138 homes, representing a 6.4 percent decrease from the 21,516 listings in June of 2021.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
The deadline to nominate someone for one of three NYSAR Awards has been extended to Friday, July 29. NYSAR offers the REALTOR® of the Year award, presented annually to an individual whose dedication to excellence has most profoundly enhanced the professional image of REALTORS®. NYSAR also recognizes New York REALTORS® for their contributions to the REALTOR® organization and the communities in which they live and work with the NYSAR Community Service Award. And NYSAR’s newest award, the Alan Yassky Distinguished Service Award honors significant industry contributions throughout a REALTORS®. For more information and how to nominate, visit our awards page at NYSAR.com.
Albany, NY – June 21, 2022 – Mortgage rates surged to over five percent in May and home prices continued their upward climb across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage soared from 4.98 percent in April 2022 to 5.23 percent in May 2022. This is first time the monthly average commitment rate has been over five percent since January 2010, when it stood at 5.03 percent.
Median sales prices continued to climb, escalating from $355,000 in May 2021 to $480,000 just last month. This represents an increase of 35.2 percent and marks 25 consecutive months in year-over-year comparisons that median sales prices have increased.
Closed sales were up 12.2 percent in May – from 11,095 homes in May 2021 to 12,451 in May 2022. Pending sales fell from 14,793 units in May 2021 to 14,306 homes in May 2022. This represents a decrease of 3.3 percent. New listings were down as well, falling 4.7 percent from 19,839 in May of last year to 18,900 units last month.
Inventory of homes across New York State continues to be a concern, declining 18.1 percent from 43,458 homes available in May 2021 to 35,573 units in May 2022. Months’ supply of inventory fell 12.5 percent in in year-over-year comparisons from 3.2 months of inventory in May 2021 to just 2.8 months in May 2022. A 6-month to 6.5-month supply is considered to be a balanced market.
Additional data is available at http://www.nysar.com/industry-resources/market-data.