Currently, localities must conduct a survey of rental housing they propose to regulate and demonstrate that the vacancy rate is below 5%. This bill leaves that option in place, but creates an alternative method.
HGAR strongly opposes Good Cause Eviction, arguing it limits landlords' ability to manage properties. Automatic lease renewals, rent restrictions, and legal hurdles could discourage investment, shrink rental inventory, and raise costs for both landlords and tenants.
According to the unofficial election results from the Westchester County Board of Elections, Jenkins garnered 64% (57,590 votes) to Sculti’s 36% (32,956 votes) with 100% of the votes counted.
NAR: U.S. Pending Home Sales Fell 5.5% in December; Declined 8.1% in Northeast
Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability.
WASHINGTON —Pending home sales retracted 5.5% in December—following four consecutive months of increases—the National Association of Realtors reported today (Jan. 30). All four U.S. regions experienced month-over-month losses in transactions, with the most significant fall in the West. Year-over-year, contract signings fell in all four U.S. regions, with the Midwest seeing the largest decrease.
The Pending Home Sales Index slid 5.5% to 74.2 in December. Year-over-year, pending transactions declined 5.0%. Last year’s cyclical low point occurred in July 2024 at 70.2. An index of 100 is equal to the level of contract activity in 2001.
“After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising,” said NAR Chief Economist Lawrence Yun. “Economic data never moves in a straight line. High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions.”
“Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability,” Yun added. “Job gains tend to have greater impact in more affordable regions. It is unclear if heavier-than-usual winter precipitation impacted the timing of purchases.”
Pending Home Sales Regional Breakdown
The Northeast PHSI fell 8.1% from last month to 62.3, down 1.3% from December 2023. The Midwest index shrunk 4.9% to 74.3 in December, down 6.9% from the previous year.
The South PHSI slipped 2.7% to 90.6 in December, down 5.1% from a year ago. The West index tumbled by 10.3% from the prior month to 57.7, down 5.1% from December 2023.
Currently, localities must conduct a survey of rental housing they propose to regulate and demonstrate that the vacancy rate is below 5%. This bill leaves that option in place, but creates an alternative method.
HGAR strongly opposes Good Cause Eviction, arguing it limits landlords' ability to manage properties. Automatic lease renewals, rent restrictions, and legal hurdles could discourage investment, shrink rental inventory, and raise costs for both landlords and tenants.
According to the unofficial election results from the Westchester County Board of Elections, Jenkins garnered 64% (57,590 votes) to Sculti’s 36% (32,956 votes) with 100% of the votes counted.
The 20-year Riverdale resident got his real estate license in 2014 and began working with a local brokerage. After just three years, he decided to branch out on his own.
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