The plan is expected to produce roughly 4,350 income-restricted homes—enough to house more than 10,000 New Yorkers.
While environmental groups praised the law, natural gas and construction and home building trades organizations, including the New York State Builders Association and the AFL-CIO— railed against the all-electric mandate and filed a federal lawsuit to block the legislation from going into effect.
Fitch expects annual home price growth to be flat in 2026, slowing from 1.5% in 2025 and 4% in 2024.
Fitch expects annual home price growth to be flat in 2026, slowing from 1.5% in 2025 and 4% in 2024.
NEW YORK—Fitch Ratings expects the U.S. residential housing economy to slow to 1.1% in 2025 from 2.0% in 2024 as intensifying cost pressures from higher tariffs, tighter construction labor supply, and weaker consumer and homebuilder sentiment weigh on consumption growth and residential investment.
Supply broadly remains tight, but demand indicators are weakening. New home inventory has declined slightly, while existing home inventory continues to improve, helped by declining mortgage rates that should spur turnover and demand. Fitch expects 30-year mortgage rates to end 2025 at 6.25% and decline further to 5.8% in 2026, driven by Fed policy rate cuts and a narrower spread between 10-year Treasury yields and 10-year Treasury bonds, the Fitch Ratings report stated.
Fitch expects annual home price growth to be flat in 2026, slowing from 1.5% in 2025 and 4% in 2024 amid low affordability and regional supply gluts. Price trends vary widely. Higher inventories in the South are weighing on prices, while low supply is fueling above-average growth in the Northeast.
Fitch also expects homebuilder revenue to slightly contract in 2025 with lower average selling prices. Higher costs and incentives will drive a 250–300bps EBITDA margin decline, reverting toward pre-pandemic levels.
The latest homebuilder sentiment readings are at the lowest levels since year-end 2023. Fitch forecasts single-family starts to fall 5.5% this year, compared with 6.8% growth in 2024. Multifamily starts will grow 13%, up from a 25.1% decline last year.
Residential mortgage and home equity line of credit (HELOC) delinquency rates now exceed pre-pandemic levels. Fitch expects the performance of its rated RMBS portfolio to weaken further as rising inflation and lower real household income challenge borrowers. Stretched affordability and higher debt-to-income ratios will lift the serious delinquency rate to 1.7% in 2026 from 1.4% in 2025.
The plan is expected to produce roughly 4,350 income-restricted homes—enough to house more than 10,000 New Yorkers.
While environmental groups praised the law, natural gas and construction and home building trades organizations, including the New York State Builders Association and the AFL-CIO— railed against the all-electric mandate and filed a federal lawsuit to block the legislation from going into effect.
Burlington will occupy a 30,483-square-foot location at Post Road Plaza.
For the first time, the budget also provides for the sharing of a modest portion of sales-tax revenues, estimated to total about $2.3 million in 2026, with all Putnam County towns and villages.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
