The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
The potential development opportunities will focus on targeting offshore wind supply chain companies, state officials noted.
Since the first-in-the-nation program began on Sunday, Jan. 5, through Friday, Jan. 31, tolls from the CRZ generated $48.66 million in revenue.
NYPA will construct the first major commercial office building in Westchester County in nearly a half-century.
HGAR strongly opposes Good Cause Eviction, arguing it limits landlords' ability to manage properties. Automatic lease renewals, rent restrictions, and legal hurdles could discourage investment, shrink rental inventory, and raise costs for both landlords and tenants.
According to the unofficial election results from the Westchester County Board of Elections, Jenkins garnered 64% (57,590 votes) to Sculti’s 36% (32,956 votes) with 100% of the votes counted.
Sejdi noted that HGAR will be implementing the key initiatives in the association’s Strategic Plan, which was worked on and completed in 2024.
Weisz noted that in the past 15 years, the county’s office market has been reduced from 35 million square feet to approximately 26 million square feet.
One of the report’s major findings is that new multifamily housing development has not resulted in spikes in student enrollment in impacted school districts.
Gov. Hochul said the current limit of $10,000 on state and local taxes in New York State costs New Yorkers up to $12 billion a year.
“The top driver of our affordability crisis is the rising cost of rent and mortgages, and New Yorkers need our help.”
Rates at 6% are the new normal, and from a historical perspective they’re completely fine, especially given the strength of the economy and inflation adjusted wage gains over the past few years.
“The cost of living is just too damn high — especially when it comes to the sky-high rents and mortgages New Yorkers pay every month,” Gov. Hochul said.
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