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.
Cappelli estimated that with the NYPA project, the total Hamilton Green development cost will be approximately $900 million.
Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country.
The court also ruled that New York’s prohibition on the installation of fossil-fuel equipment does not concern the “energy use” of covered products as defined by EPCA and is therefore not preempted.
If the Town Hall renovation and expansion project moves forward, the town would interview bid respondents in September and October and possibly issue a formal Request for Proposals in November of this year.
Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
Yun predicted that existing home sales would rise approximately 3% this year, but jump 14% higher in 2025.
Neuhaus, who is a graduate of Mount Saint Mary in Newburgh, noted the long-standing issues with the property, saying, “The obituary for this site was written decades ago. You are bringing this place back to life.”
In a July 15 ruling, District Court Judge Dale Kimball wrote that Homie had failed to show that NAR and large brokerage companies named in the suit—Anywhere Real Estate, HomeServices of America, and RE/MAX—had conspired to cause antitrust injury to the company.
Treasury yields finished higher last week on average despite an intra-week drop, driven partly by renewed concerns of the impact of tariffs on the economy.
Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
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