August sales fall just short of 2016 record

Albany, NY – September 20, 2017 – August home sales were strong across the Empire State, setting the second-highest total on record for the month at 14,174 units, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price growth trend continued in August, posting a 6.9-percent increase compared to August 2016.

“Homebuyer enthusiasm remained strong in August, driving sales to a near record total,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “With a healthy economy and largely unchanged mortgage rates attracting buyers to the housing market, the only headwind was the low number of homes listed for sale. This month’s report, however, shows an increase in the newly listed homes, which would be a welcome trend going forward.”

“Through August, the housing market remains on track to finish near the 2016 sales record,” said MacKenzie.

The August 2017 sales total of 14,174 represents a decrease of 3.2 percent from the August 2016 total of 14,649. The year-to-date (Jan. 1 – Aug. 31) sales total of 86,050 was 2.5-percent above the same period last year.

The August 2017 statewide median sales price was $270,000, an increase of 6.9 percent from the August 2016 median of $252,500. The year-to-date (Jan. 1 – Aug. 31) statewide median sales price was $250,000, an increase of 6.4 percent from the same period in 2016.

August 2017 pending sales increased by 6 percent from a year ago to reach 13,672.

The months supply of homes for sale dropped 12.5 percent at the end of August to 6.3 months supply. It was at 7.2 months at the end of August 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 71,704, a decrease of 10.3 percent compared to August 2016.

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

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 55,000 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.
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Salvatore I. Prividera Jr.
Director of Communications
518-463-0300×208 office
[email protected]

Survey: Kids have big say in home choice

Nearly two-thirds of all homebuyers say their children have input on what type of home they plan to buy, according to newly released data from Bank of America’s Homebuyer Insights Report, based on nearly 5,000 adults surveyed.

First-time homebuyers are more likely to say their children have influence than other buyers. Seventy-four percent of first-time buyers said their children had a major influence on the type of home they purchased, while 58 percent of current owners said their children had a strong pull.

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A sign that more housing inventory is coming

Homeowners who have decided to stay put in their current properties may soon be ready for a move, helping to relieve stubbornly tight housing inventory. The evidence is in Fannie Mae’s latest Home Purchase Sentiment Index, in which the number of consumers who say now is a good time to sell a home neared an all-time high.

The index rose 1.2 points in August to a reading of 88, reflecting a year-over-year jump of 21 percentage points in the number of consumers who looked favorably on selling. Meanwhile, the number of consumers who say now is a good time to buy dropped 5 percentage points in August to a new survey low for the second consecutive month.

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Survey: Average time to build a home more than seven months

According to the Census Bureau’s 2016 Survey of Construction, the average time to complete a single-family home is about 7.5 months. That includes nearly a month of permitting before any construction takes place, and then another 6.5 months to finish the actual construction.

The New England region had the longest time to build, at a 10.5-month average.

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Third of agents have felt unsafe on the job

September is REALTOR Safety Month, and data from the National Association of REALTORS’ recently released 2017 Member Safety Report shows that 38 percent of members have experienced a situation that made them fear for their personal safety or the safety of their personal information. Common situations that caused fear included open houses, vacant and model homes, properties that were unlocked or unsecured, and properties in remote areas.

Of the 3,277 survey respondents, 44 percent of women compared to 25 percent of men said they’ve experienced concern for their own safety. When it comes to location, 40 percent of real estate professionals in suburban areas said they’ve been in a situation that caused them fear, followed by 39 percent of practitioners in urban areas and 35 percent in rural areas.

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Loan demand rebounds on lower rates

Following several weeks of drops, mortgage application volume pushed higher last week. The uptick was mostly due to an increase in refinancers who took advantage of lower mortgage rates.

Total mortgage application volume, which reflects refinance and home-buying activity, rose 3.3 percent week over week on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA). However, volume remains 23 percent lower than a year ago.

The MBA also noted that Hurricane Harvey had an impact on application volume last week. Banks affected by the storm shut down all mortgage activity.

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REALTORS pledge help for Texas and call for donations

The National Association of REALTORS is calling on members nationwide to donate funds to the REALTOR Relief Foundation to support storm victims. The RRF, whose goal is to help families who have endured catastrophic loss, will use the money for mortgage and rental assistance.

“This may require our REALTOR family’s largest effort since Hurricane Katrina—or even 9/11,” RRF President Martin Edwards wrote in an internal memo to NAR directors and staff. “Hopefully, REALTORS across America will heed the call to donate without precedent, as the on-the-ground membership in Texas will be stretched beyond belief.”

NAR President William E. Brown said in a statement that the storm provides an opportunity for all 1.2 million REALTORS to focus their energy on supporting each other and their colleagues in Texas, including donating to RRF. “There will be many families in the greater Houston area who need our help,” Brown said. “It will take time to know the full impact of Hurricane Harvey, but we know the devastation will be widespread and that our support will be necessary.”

Tech, inventory and competition lead list of top challenges for firms

The National Association of REALTORS 2017 Profile of Real Estate Firms survey found that keeping up with technology, inventory levels, non-traditional competition and profitability are among the biggest challenges for real estate firms.

Against this backdrop and for the third year in a row, a vast majority of firms are optimistic about the future. While muted compared to last year, firms remain confident and expect profitability to stay level or increase over the next year.

Low inventory holds back July home sales

Albany, NY – August 24, 2017 – July closed home sales across New York State slowed compared to a year ago to 11,556 units, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price continued its upward climb, increasing by 8.4 percent compared to last July.

“July home sales were typically strong and likely would have been higher except for the ongoing decline in the number of homes for sale,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Newly listed homes are moving quickly and multiple purchase offers are becoming more common. These conditions have driven growth in the statewide median sales price to near record levels.”

“With employment levels and consumer confidence steady, and mortgage rates still low, the housing market should remain active through the balance of the year,” said MacKenzie. “We project that sales will be near the 2016 record, but will continue to be constrained by the low number of homes listed for sale.”

The July 2017 sales total of 11,556 represents a decrease of 7.4 percent from the July 2016 total of 12,475. The year-to-date (Jan. 1 – July 31) sales total of 70,928 was 2.3-percent above the same period last year.

The July 2017 statewide median sales price was $270,000, an increase of 8.4 percent from the July 2016 median of $249,000. The year-to-date (Jan. 1 – July 31) statewide median sales price was $248,000, an increase of 6.4 percent from the same period in 2016.

July 2017 pending sales increased by 3 percent from a year ago to reach 12,568.

The months supply of homes for sale dropped 15.8 percent at the end of July to 6.4 months supply. It was at 7.6 months at the end of July 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 72,316, a decrease of 12.9 percent compared to July 2016.

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

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

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Salvatore I. Prividera Jr.
Director of Communications
518-463-0300×208 office
[email protected]

HARP extended through 2018

The Federal Housing Finance Agency announced that it is extending the Home Affordable Refinance Program (HARP), a popular government refinancing program, through Dec. 31, 2018. HARP was set to expire on Sept. 30. While the FHFA has once again extended the deadline by another 15 months, this time it plans to introduce a new loan program to eventually take HARP’s place.

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NAR report: Kids have big say in real estate

Buyers with children put more weight on the neighborhood, local schools, and size of homes when shopping for the right property, according to the “2017 Moving with Kids” report produced by the National Association of REALTORS (NAR).

The neighborhood, in particular, has a big influence on home buyers with children under the age of 18. Forty-nine percent of buyers who have children consider the neighborhood based on the quality of the school district, and 43 percent choose a neighborhood by the convenience to schools, according to the report.

Sellers with kids also have unique needs. One notable need is that they usually have to sell their homes faster. Twenty-six percent of owners with children under the age of 18 sold their home urgently compared to 14 percent of owners with no children at home.

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New program to help buyers bypass appraisals

Mortgage giant Freddie Mac has announced a new program allowing some homebuyers to skip a traditional appraisal, which could lower the fees the buyers pay and speed up the closing process. Freddie’s Automated Collateral Evaluation (or ACE) will determine a property’s collateral risk by culling data from multiple listing services, public records and historical home values, and then assess whether a buyer needs a traditional appraisal or an automated one. Borrowers who are refinancing may also be eligible for the program.

Lenders will be able to assess whether a property is eligible for ACE by submitting data through Freddie’s Loan Product Advisor. The program will factor in credit, capacity, and collateral to assess the quality of the loan and determine whether the estimated value of the home provided by the lender is acceptable. ACE will be available for home purchases beginning Sept. 1; it has been available for qualified refinances since June 19.

Learn more.