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 decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
WASHINGTON—Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of Realtors Pending Home Sales report released earlier today (June 26.)
All four U.S. regions experienced month-over-month increases—most notably the West. Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
“Consistent job gains and rising wages are modestly helping the housing market,” said NAR Chief Economist Lawrence Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.”
Regarding regional differences, Yun added, “The Northeast's housing shortage is boosting home prices, with more than a quarter of homes selling above list price. Conversely, more inventory in the South gives home buyers greater negotiation power. Price declines in the South should be considered temporary given the region's strong job creation.”
2.1% month-over-month increase.
0.5% year-over-year decrease.
0.3% month-over-month increase.
2.6% year-over-year increase.
1.0% month-over-month increase.
2.0% year-over-year increase.
6.0% month-over-month increase.
1.2% year-over-year decrease.
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 decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
LVR selected Fernandez as its CEO after a lengthy nationwide search.
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