Barrett was president of the Putnam County Association of Realtors in 2008, a year before PCAR’s merger with the Westchester County Board of Realtors.
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Black (26%) and Hispanic (22%) applicants experience higher denial rates for mortgage applications compared to their White (16%) and Asian (15%) counterparts,
Among the major U.S. regions, the South posted the largest share of single-family existing-home sales (45%) in the fourth quarter, with year-over-year price appreciation of 3.2%. Prices also climbed 7.3% in the Northeast, 4.7% in the Midwest and 4.2% in the West.
Closed sales transactions decreased 15.00% in December 2023 in a year-over-year comparison from 3,270 in December 2022 to 4,406 in December 2023.
“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.
Prices continued to rise to close out 2023, with the median sales price of homes in New York State rising 10.1% to $380,000 last month.
The inventory of unsold existing homes slumped 11.5% from the previous month to 1 million at the end of December, or the equivalent of 3.2 months’ supply at the current monthly sales pace.
Housing costs in New York City and the surrounding suburbs have grown more than 68% over the last decade, the largest increase among selected major metropolitan areas in the U.S.
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—Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to data released on Dec.
NAR sees green shoots and predicts an improving market in 2024, with four rate cuts to calm inflation and settle mortgage rates near 6%.
Although each has a unique view, all agree the residential real estate market in the Hudson Gateway Association of Realtors market area will improve in 2024.
Pending home sales dropped 1.5% in October, the lowest level since NAR started tracking pending sales more than 20 years ago. But a turnaround could be sight.
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