Market
NAR’s Yun Predicts Four to Six Rate Cuts in Next Two Years; Continued Troubles for Office Market
A key data point will be the CPI reaching its 2% target. The latest CPI number for February was 3.1%.
Realtor.com Report: Early Indications Show a Promising Spring Real Estate Season
The New York-Newark-Jersey City, NY, NJ-PA market posted a median listing price in February of $750,000 up 10.2% year-over-year.
NAR: Pending Home Sales in Northeast Rose Slightly in January
The Northeast PHSI increased 0.8% from last month to 63.6, a decline of 5.5% from January 2023.
Limited Supply Fuels Price Growth in the Greater NYC Metro Area; Pending Home Sales Higher Throughout Region
As the spring selling season approaches, the region’s home sales sector is bolstered by a noticeable increase in pending sales throughout the region.
OneKey MLS: Median Single-Family Home Price Rose 8.2% in New York Metro Region Last Month
For single-family homes, there were reportedly 2,591 closed sales transactions and 2,424 pending sales transactions in January, representing a 5.0% decrease in closed sales
NAR: U.S. Existing Home Sales Rebounded in January
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
NAR: Racial Minority Groups Make Some Progress in Homeownership, But Significant Obstacles Remain
Black (26%) and Hispanic (22%) applicants experience higher denial rates for mortgage applications compared to their White (16%) and Asian (15%) counterparts,
NAR: More Than 85% of Metro Areas Posted Home Price Gains in the Fourth Quarter of 2023
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.
New York Regional Home Price Increased Slightly in 2023
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.
NAR Forecasts a 13% Increase in Existing-Home Sales This Year
“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.
NYSAR: 2023 Ended with Lowest Recorded Housing Inventory In New York State History
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.
U.S. Existing-Home Sales Fell 1.0% in December; Northeast Sales Flat Compared to Month Earlier
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.