A noteworthy legislative amendment was the exclusion of “squatters” from the definition of “tenant” under the current tenancy laws.
It is important to note that while the new Good Cause Eviction Law went into effect in New York City immediately, other municipalities throughout New York State will need to opt-in by enacting this legislation if they so choose.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said NAR Chief Economist Lawrence Yun.
WASHINGTON—The National Association of Realtors released earlier today (Jan. 26) pending home sales data and its economic forecast for 2024 in which it projects that existing home sales will increase 13% as compared to 2023.
NAR reported that pending existing-home sales in December rose 8.3%. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. The Midwest, South and West also registered year-over-year increases while the Northeast had a decline in transactions compared to last year.
The Pending Home Sales Index increased to 77.3 in December. Year-over-year, pending transactions were up 1.3%. An index of 100 is equal to the level of contract activity in 2001.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said NAR Chief Economist Lawrence Yun. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”
The Northeast PHSI dropped 3.0% from last month to 62.3, a decline of 3.9% from December 2022. The Midwest index increased 5.6% to 80.5 in December, up 4.3% from one year ago.
The South PHSI jumped 11.9% to 93.0 in December, rising 1.5% from the prior year. The West index surged 14.0% in December to 61.0, up 1.5% from December 2022.
NAR’s Economic Outlook as of January 2024, projects a 13% increase in existing-home sales in 2024 (from 2023) to 4.62 million and a 15.8% increase in 2025 (from 2024) to 5.35 million. The annual median home price is expected to rise 1.4% to $395,100 in 2024, and then increase 2.6% to $405,200 in 2025.
“Home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity,” Yun noted.
The Federal Reserve will likely cut interest rates four times. The 30-year fixed mortgage rate will bounce along the 6% to 7% range for most of the year, he stated.
NAR forecasts that due to sizable growth in apartment construction over the past three years, rent growth will calm, which will help bring consumer price inflation to less than 3% in 2024.
WHITE PLAINS—Residential sales in 2021 in the counties served by OneKey MLS, Inc. reached a historic peak. This, despite
WHITE PLAINS—After residential sales volume in the Hudson Gateway Association of Realtors’ market area reached historically high levels in
ALBANY—Less than 24 hours after the real estate industry was led to believe that in-person real estate showings were
New one-unit CLL values in the Bronx, Manhattan, Westchester, Rockland and Putnam counties will be $1,149,825.
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.
