As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
WASHINGTON—The Fannie Mae Home Purchase Sentiment Index released on Sept. 7 was largely unchanged in August, decreasing 0.1 points to 75.7, as survey respondents tempered both their recent pessimism about homebuying conditions and their upward expectations of home price growth.
Overall, three of the index’s six components increased month over month, while the other three decreased. Most notably, a greater share of consumers believes it’s a good time to buy a home – though that population remains firmly in the minority at only 32%—while the ongoing plurality of respondents who expect home prices to go up over the next 12 months declined to 40%, down from last month’s 46% but still well above the 24% of consumers who believe home prices will decline. Year-over-year, the full index is down 1.8 points.
“The HPSI remained relatively flat this month, suggesting to us that the continued strength of demand for housing and favorable home-selling conditions may be offsetting broader concerns about the Delta variant and inflation that have negatively impacted other consumer confidence indices,” said Mark Palim, Fannie Mae vice president and deputy chief economist. “Most consumers continue to report that it’s a good time to sell a home—but a bad time to buy—and they most frequently cite high home prices and a lack of supply as their primary rationale. However, the ‘good time to buy’ component, while still near a survey low, did tick up for the first time since March, perhaps owing in part to the favorable mortgage rate environment and growing expectations that home price growth will begin to moderate over the next 12 months.”
Home Purchase Sentiment Index – Component Highlights
Fannie Mae’s Home Purchase Sentiment Index decreased in August by 0.1 points to 75.7. The HPSI is down 1.8 points compared to the same time last year.
Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home increased from 28% to 32%, while the percentage who say it is a bad time to buy decreased from 66% to 63%. As a result, the net share of those who say it is a good time to buy increased seven percentage points month over month.
Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home decreased from 75% to 73%, while the percentage who say it’s a bad time to sell decreased from 20% to 19%. As a result, the net share of those who say it is a good time to sell decreased one percentage point month-over-month.
Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months decreased from 46% to 40%, while the percentage who say home prices will go down increased from 21% to 24%. The share who think home prices will stay the same increased from 27% to 31%. As a result, the net share of Americans who say home prices will go up decreased nine percentage points month-over-month.
Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months increased from 5% to 6%, while the percentage who expect mortgage rates to go up decreased from 57% to 53%. The share who think mortgage rates will stay the same increased from 31% to 35%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months increased five percentage point month-over-month.
Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 84% to 82%, while the percentage who say they are concerned increased from 13% to 15%. As a result, the net share of Americans who say they are not concerned about losing their job decreased four percentage points month-over-month.
Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago decreased from 27% to 26%, while the percentage who say their household income is significantly lower decreased from 14% to 12%. The percentage who say their household income is about the same increased from 56% to 59%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased one percentage point month-over-month.
“We are thrilled to be opening our first office in Columbia County and expanding our reach in the Hudson Valley,” said Liz Nunan, President and CEO of Houlihan Lawrence.
Uniting 1st Priority Mortgage and Hudson United Mortgage offer a wealth of expertise and an expanded array of unique loan products, serving borrowers across the region, company officials stated.
The property was originally developed at a reported cost of approximately $250 million and was one of the first new major multifamily projects to be built in White Plains in some time.
Pursuant to the merger agreement, which was approved by the boards of directors of HVCU, Catskill Hudson and Catskill Hudson Bank, Catskill Hudson stockholders will receive $40.50 in cash for each share of Catskill Hudson common stock.
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