Skip to main content

NY Home Sales Hit Second Highest February Total
Mar 24, 2017
While the rest of the state remains on pause due to contain the spread of COVID-19, New York’s real estate industry has been given the green light to return to limited activity

Winter 2017 home sales remained strong during February in New York State, with the 7,391 closings representing the second highest total for the month, according to the housing market report released by the New York State Association of REALTORS (NYSAR). The January statewide median sales price of $242,000 represents an increase of 4.3 percent from a year ago.
“It’s been a very strong start to 2017, reminiscent of the first months of 2016’s record-setting run,” said Duncan R. MacKenzie, CEO of NYSAR. “With one eye on rising mortgage rates and the other on a declining selection of homes, it appears that buyers are jumping at the opportunity to make an offer when they find the right property.”
The February 2017 sales total of 7,391 represents a decrease of 6.7 percent from the February 2016 record total of 7,925. The February 2017 statewide median sales price was $242,000, an increase of 4.3 percent from the February 2016 median of $232,000. February 2017 pending sales increased by three percent from a year ago to reach 9,410.
“We continue to monitor the ongoing decline in homes listed for sale,” MacKenzie said. “In February, both the number of homes for sale and the number of new listings declined. As we move closer to the typically active spring and summer months, low inventory may apply a braking action to an otherwise strong housing market.”
The month’s supply of homes for sale dropped 23.9 percent at the end of February to 5.4 months’ supply. It was at 7.1 months at the end of February 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 60,570, a decrease of 18.8 percent compared to February 2016.
Mortgage Lenders Expect Profit Margins To Shrink

69% of lenders believe profit margins will decrease in the months ahead, while 19% believe profits will remain the same, and 11% believe profits will increase.

Industry News
Jun 14, 2021
Real Estate Industry Calls To End Eviction Moratorium On June 30, 2021

Expanding the moratorium will only increase levels of debt on renter households and impede the recovery of the housing sector.

Industry News
Jun 14, 2021
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Jun 07, 2021