The congestion pricing program was instituted in January 2025 and during its first year in operation, congestion pricing raked in more than $550 million for the MTA’s $15-billion capital program.
If lawmakers believe that detention facilities are inconsistent with state priorities, then legislation should be considered that restricts the purchase or operation of such facilities within state borders.
As we celebrate Women’s History Month, we honor every woman who made real estate her platform for empowerment, for equity and for legacy.
It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months.
WASHINGTON—Pending home sales pulled back 4.6% in January according to the National Association of Realtors. The Midwest, South and West experienced month-over-month losses in transactions—with the most significant drop in the South—while the Northeast saw a modest gain. Year-over-year, contract signings lowered in all four U.S. regions, with the South seeing the greatest falloff.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—fell 4.6% to 70.6 in January, an all-time low. (Last year's cyclical low point in July 2024 was revised from 70.2 to 71.2.) Year-over-year, pending transactions declined 5.2%. An index of 100 is equal to the level of contract activity in 2001.
“It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,” said NAR Chief Economist Lawrence Yun. “However, it's evident that elevated home prices and higher mortgage rates strained affordability.”
Housing affordability suffered in January as mortgage rates ranged from 6.91% to 7.04%. Compared to one year ago, the monthly mortgage payment on a $300,000 home increased by an extra $50 to $1,590.
The Northeast PHSI rose 0.3% from last month to 63.4, down 0.5% from January 2024. The Midwest index contracted 2.0% to 72.8 in January, down 2.7% from the previous year.
The South PHSI plunged 9.2% to 81.0 in January, down 8.8% from a year ago. The West index fell by 1.2% from the prior month to 57.6, down 4.5% from January 2024.
“Even a slight reduction in mortgage rates will likely ignite buyer interest, given rising incomes, increased jobs and more inventory choices,” added Yun.
The congestion pricing program was instituted in January 2025 and during its first year in operation, congestion pricing raked in more than $550 million for the MTA’s $15-billion capital program.
TKF Burnside officials stated the firm plans to modernize and enhance the existing hospitality-level amenity offerings.
The 1.15 million-square-foot retail center, which originally housed 30 stores when it opened in 1954, is now home to more than 100 retail, dining, educational and entertainment venues.
Sherman most recently served as New York City’s Chief Equity Officer and Commissioner of the Mayor’s Office of Equity & Racial Justice.
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.
