The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
NAR’s view is that all relevant cases should be included in any consolidation (including buyer and seller cases), and the Northern District of Illinois is best placed to address the industrywide issues these cases present.
One promising theory being discussed by some real estate analysts and something Fernandez advised Realtors to watch for in 2024 is a possible “Silver Tsunami” of retiring Baby Boomers who will be putting their homes on the market.
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.
Brokers contend that companies will be attracted to Class A-type space, while properties rated at either B or C will have trouble attracting tenants.
Asking multifamily rents moderated slightly but overall fundamentals are strong. However, under-construction unit count continues to decline as developers are facing meaningful increases in construction and financing costs.
The two affordable properties will help ease the housing shortage for senior citizens in Westchester, where seniors living on fixed incomes struggle to afford rising housing costs.
The Regional Plan Association's report claims there is no three-lane requirement for an interstate highway, citing Interstates I-87 and I-84, which have two lanes in each direction for most of their routes.
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 HPD and HDC closed on financing for the creation of an all-time record-breaking 14,227 new affordable homes—51% of which benefited from the now-expired 421-a affordable housing tax incentive program.
Pursuant to the merger agreement, which was approved by the boards of directors of HVCU, Catskill Hudson and Catskill Hudson Bank, Catskill Hudson stockholders will receive $40.50 in cash for each share of Catskill Hudson common stock.
In terms of the “NYS Route 17 Mobility & Access Improvements Project” it appears the first shovel in the ground on this overall possible $1-billion project will be potentially in early 2026.
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