Eckert of the Orange County Partnership said that national developer interest in Orange County remains “very strong” despite the present financial market volatility.
NYPA is pursuing an “aggressive” time line that projects a definitive development agreement to be reached with Hamilton Green Partners by November 2024 and the move-in to its new corporate headquarters by June 2027.
Members Day will once again feature a trade show with 50 Exhibitors.
The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.
WASHINGTON—Pending home sales in November were identical to those in October, according to the National Association of Realtors. The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—stayed at 71.6 in November. Year over year, pending transactions were down 5.2%. An index of 100 is equal to the level of contract activity in 2001. NAR released the November Pending Home Sales Index on Dec. 28.
“Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” said Lawrence Yun, NAR chief economist.
The Northeast PHSI rose 0.8% from last month to 64.4, a drop of 6.4% from November 2022. The Midwest index increased 0.5% to 76.2 in November, down 2.2% from one year ago.
The South PHSI declined 2.3% to 83.2 in November, decreasing 6.5% from the prior year. The West index climbed 4.2% in November to 54.0, falling 4.9% from November 2022.
“With mortgage rates falling further in December—leading to savings of around $300 per month from the recent cyclical peak in rates—home sales will improve in 2024,” Yun added.
The Northeast PHSI diminished 4.6% from last month to 61.6, a drop of 2.2% from August 2023.
Existing-home sales in the Northeast in August faded 2.0% from July to an annual rate of 480,000, which was identical to August 2023.
“The Fed’s half-point rate cut decision is the beginning of six to eight rounds of further rate cuts well into 2025,” says Lawrence Yun, chief economist at the National Association of Realtors.
Sales of single-family homes declined in all six areas, with the Bronx experiencing the largest decline at 18.5%, followed by Rockland County with a 10.6% drop.
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