17 percent growth in NY State home sales fuels strongest first quarter in a decade

This gallery contains 1 photo.

Apr 20, 2016 Albany, NY – April 20, 2016 – Three consecutive months of sales growth fueled the best start to the New York State housing market since 2007. According to the housing market report released today by the New … Continue reading

Rate this:

Gallery | Tagged , , , , , , , | Leave a comment

This Month in Real Estate, January 2016

Video post by @debbyfrank. Source: This Month in Real Estate

Rate this:

Gallery | Leave a comment

FHA owners window to more borrowers

New approach could create a pathway for as many as 75K to 100K new loans a year

Continue reading

Rate this:

Gallery | Tagged , , , , , , , , , , , , , , | Leave a comment

Single Family Home Sales Jump 8.4 Percent In Westchester In Second Quarter

by Tom Renner, Yonkers Daily Voice

featured-home-for-saleWESTCHESTER COUNTY, N.Y. — Second quarter sales zoomed up 8.4 percent for single family homes in Westchester County compared to the same quarter in 2014, according to figures released by the Hudson Gateway Association of Realtors.

Sales escalated 14.8 percent in the four counties in the HGAR report. They are Westchester, Putnam, Rockland and Orange. Realtors in the Hudson Gateway Multiple Listing Service, a subsidiary of HGAR, reported a total of 3,669 closed residential transactions in the four-county service territory, 474 more than last year.

While activity increased, price appreciation has been slow but steady. The median sale price for a single family home rose 1.4 percent in Westchester

Sales of single family homes rose 12.3 percent in Putnam for the second quarter with a price appreciation of 1.6 percent.

“It’s a tale of two inventories,’’said Leah Caro, President of the Hudson Gateway Multiple Listing Service and President and Principal Broker of Bronxville Real Estate. “I think there are two distinct markets, well-priced homes and over-priced homes. Things are really taking off and buyers are lined up if homes are priced in the sweet spot appropriate for the region. If a home is over-priced, the homes are sitting there and could be on the market for a long time.”

Caro said the some sellers are misinterpreting data from the strong sales numbers. “A lot of sellers are concerned about leaving money on the table,’’ Caro said. “So they’ll price their home a little bit above the sweet spot. Buyers are looking at the inventory that is priced well and they’re not going to engage homes that are overpriced.”

Jennifer Maher, the HGAR Regional VP for Westchester and Putnam, said correct pricing has been hard to define in Putnam. “A lot of homes are under priced,” said Maher, the office manager in Mahopac for J. Philip Real Estate.  “That causes bidding war on homes in the same price point. It’s hard to find the right zone. The numbers are all over the price.”

Westchester County led the way among the four regions in the Hudson Gateway report with 2,183 sales, about 60 percent of the region’s total. Multifamily property sales jumped 59 percent.

The median sale price for a single family home in Westchester is $660,500 and $289,500 in Putnam.

Caro said sales figures are a reflection of “Economics 101.” “There has been this pent up exuberance for the market to return,’’ she said. “There’s an over exuberance by some sellers. They’re hearing the numbers without understanding the background.”

Caro said sellers would be wise to price their homes appropriate for the region to get the best result. “The successful sellers are pricing them at the market price or even a little below,’’ she said. “Then buyers will purchase at market or a little more. The buyers’ mentality is that they will buy what somebody else wants. None of this is new. It’s just black and white.”

Maher sees similar trends for Westchester and Putnam through the remainder of the year. “It’s a stable environment with low interest rates and low unemployment,” she said. “I’ll think we’ll see this stability for the rest of the year.’

Click on the attached PDF for the complete report.

Attached: (2ndqtr2015final.pdf)

Posted in Westchester & Hudson Valley Residential Sales Report, Westchester Homes for Sale, Westchester real estate, Westchester real estate sales, www.westchesterbydebbyfrank.kwrealty.com | Leave a comment

Spring sales and price growth continue in the New York State housing market

NYS Association of Realtors
May 21, 2015
Albany, NY –May 21, 2015 – Home sales and selling prices continued on an upward trend in April, according to the housing market report released today by the New York State Association of REALTORS. The April 2015 sales total of 7,207 units was up 1.3 percent from April 2014. The April 2015 statewide median sales price was $221,000, a 5.2-percent increase from the April 2014 median.

“Among the sure signs for REALTORS that Spring has arrived is the traditional rise in activity among both homebuyers and sellers,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Not only was there an uptick in April sales compared to a year ago, but also healthy increases in forward-looking market indicators such as pending sales and new listings.” He noted that April pending sales were up more than 10 percent from a year ago and there was a 6.6-percent increase in newly listed homes.A3DJUKHCA6Q319CCAE61MEACAABN952CA11E5F8CA91Y8TVCA0OQEAPCALDU751CAM5RVTSCA1BECLFCABIN2B6CAEWGUMNCAPYTXA6CA0FGYT7CAMF48ZGCAB6FERZCA1HYTE1CAT2YFKSCAKP6SEK

“The increase in new listings begins to address the low inventory challenge experienced in many of the state’s housing markets, which has consistently caused a significant drag on closed sales,” said MacKenzie. “Viewed in a historical context, inventory levels still remain well below normal and far from the market peak.”

April 2015 pending sales increased by 10.6 percent from a year ago to reach 11,421.

The months supply of inventory dropped 12.4 percent at the end of April to 8.5 months supply. It was at 9.7 months at the end of April 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 81,181, a decrease of 6.7 percent compared to April 2014.

The year-to-date (Jan.1 – April 30) sales total of 27,328 represents a 2.7-percent increase from the same period in 2014. The year-to-date (Jan.1 – April 30) statewide median sales price of $225,500 is a 1.8-percent increase compared to the first four months of 2014.

Additional data is available at http://www.nysar.com/industry-resources/market-data

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
Posted in Breaking News | Tagged , , , , , , , , , , , , | Leave a comment

Strong March sales drive New York State housing market first quarter gains

NYSAR News

The more than 5-percent increase in home sales in March helped the New York State housing market post first quarter gains, according to the housing market report released today by the New York State Association of REALTORS. Closed sales were up 1.6 percent in the 2015 first quarter compared to the same period in 2014, while the median price climbed by 2.2 percent.

The more than 5-percent increase in home sales in March helped the New York State housing market post first quarter gains, according to the housing market report released today by the New York State Association of REALTORS. Closed sales were up 1.6 percent in the 2015 first quarter compared to the same period in 2014, while the median price climbed by 2.2 percent.

“New York’s REALTORS are pleased with the start to 2015 as nearly all of the key market indicators moved in a positive direction in the first quarter despite the harsh winter,” said Duncan R. MacKenzie. “In addition to the gains in closed sales and median sales price, pending sales increased by more than 10 percent during the quarter as affordability improved thanks to continued low mortgage rates and economic growth.”

“While there is a good selection of homes available throughout the state, inventory levels will bear watching as the market faces the traditional seasonal increase in buyer demand,” said MacKenzie. “The combination of sales growth and a lag in the number of newly listed homes continues to keep inventory levels hovering near a nine-year low.”

There were 19,792 closed sales in the 2015 first quarter, up 1.6 percent from the 2014 first quarter total of 19,480. March 2015 closed sales increased 5.4 percent (7,004) compared to a year ago (6,643).

The 2015 first quarter statewide median sales price was $230,000, an increase of 2.2 percent compared to the first quarter 2014 median of $225,000. The March 2015 statewide median sales price of $225,000 represents an increase of 4.7 percent compared to the March 2014 median of $215,000.

Pending sales increased 10.6 percent to 24,579 in the 2015 first quarter compared to 22,229 in the 2014 first quarter. March 2015 pending sales (9,838) were up 8.4 percent compared to March 2014 (9,078).

The months supply of inventory dropped 13.3 percent at the end of the first quarter to 7.8 months supply. It was at 9 months at the end of the 2014 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 74,112, a decrease of 8.9 percent compared the 2014 first quarter.

Posted in Breaking News | Tagged , , , , , , | Leave a comment

This Month in Real Estate – December 2014

Posted in This Month In Real Estate | Tagged , , , , , , , , | Leave a comment

This Month in Real Estate, November 2014

Rate this:

Gallery | Tagged , , , , , , , , , | Leave a comment

Market update: Be Quiet Chicken Little! The Sky is Not Falling

ChickenCloud

| Keeping Current Matters

The latest Existing-Home Sales Report from NAR revealed that sales decreased 1.8 percent in August. Many might start to panic, but let’s see what the report really shows. Lawrence Yun, NAR chief economist explains “there was a marked decline in all cash sales from investors. On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”

There is Still A LOT of Good News:   The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013. This marks the 30th consecutive month of year-over-year price gains.

40% of homes sold in August were on the market for less than a month.
Distressed home sales remain at single digits for the second straight month, at 8%, down from 12% last year this time.  More buyers qualified for mortgages to purchase a home in August, as evidenced by the decline in the number of all cash buyers from 29% to 23%.

New Home Sales Surge:
Newly built single-family home sales surged 18% in August, the highest level in six years according to new data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The Experts Agree:
“This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. “Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.” Yun adds, “As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”

Bottom Line

Now is still a great time to buy a home, whether as a first time homebuyer or you’re moving up to the home of your dreams, don’t let the headlines scare you from making the best decision for your family.

Posted in Real Estate Market Updates | Tagged , , , , , , , , , | Leave a comment

FHA Offers First-Time Homebuyers Discounted Loans for Taking Class

(MCT)—Home loans are about to go on the discount rack for first-time buyers willing tospend a few hours learning the ropes of homeownership, from applying for a mortgage to choosing a contractor for a kitchen remodel.  The Homeowners Armed with Knowledge program, or HAWK, … Continue reading

Rate this:

Gallery | Tagged , , , , , , , , , , , , , , , , | Leave a comment

I want you to win $50,000! Enter code KW2JHN9UI

Direct link to Itunes and Google Play store http://app.kw.com/kw2JHN9UI

Rate this:

Gallery | Tagged , , , | Leave a comment

Homeowners must re-register for STAR exemption

New legislation now requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption in 2014 and subsequent years. Homeowners will not have to register in order to … Continue reading

Rate this:

Gallery | Tagged , , , , , , , , , | Leave a comment

REAL Trends 500 Ranks Keller Williams Realty #1

This gallery contains 4 photos.

Rate this:

Gallery | Tagged , , , , , , , , , , , , | Leave a comment

The Skinny on the NY Housing Market

Posted in Breaking News, Real Estate Market Updates | Tagged , , , , , , , | Leave a comment

New York’s housing sales reach 26-month high in August

This gallery contains 1 photo.

The New York State housing market monthly sales reached a 26-month high in August with existing single-family home, condo and co-op transactions increasing by 8 percent from July and nearly 4 percent compared to last August, according the housing market … Continue reading

Rate this:

Gallery | Tagged , , , , , , , , , , , , , , , , | Leave a comment

Westchester County Real Estate: Existing-Home Sales Grow 1.8 Percent in May; Highest Pace in Over Nine Years

WASHINGTON (June 22, 2016) — Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors®. All major regions except for the Midwest saw strong sales increases last month.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.8 percent to a seasonally adjusted annual rate of 5.53 million in May from a downwardly revised 5.43 million in April. With last month’s gain, sales are now up 4.5 percent from May 2015 (5.29 million) and are at their highest annual pace since February 2007 (5.79 million).

Lawrence Yun, NAR chief economist, says existing sales continue to hum along, rising in May for the third consecutive month. “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize,” he said. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”

Adds Yun, “Barring further deceleration in job growth that could ultimately temper demand from these repeat buyers, sales have the potential to mostly maintain their current pace through the summer.”

Surpassing the peak median sales price set last June ($236,300), the median existing-home price2 for all housing types in May was $239,700, up 4.7 percent from May 2015 ($228,900). May’s price increase marks the 51st consecutive month of year-over-year gains.

Total housing inventory3 at the end of May rose 1.4 percent to 2.15 million existing homes available for sale, but is still 5.7 percent lower than a year ago (2.28 million). Unsold inventory is at a 4.7-month supply at the current sales pace, which is unchanged from April.

“Existing inventory remains subdued throughout much of the country and continues to lag even last year’s deficient amount,” adds Yun. “While new home construction has thankfully crept higher so far this year, there’s still a glaring need for even more, to help alleviate the supply pressures that are severely limiting choices and pushing prices out of reach for plenty of prospective first-time buyers.”

The share of first-time buyers was 30 percent in May, down from 32 percent both in April and a year ago. First-time buyers in all of 2015 also represented an average of 30 percent.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage inched backward from 3.61 percent in April to 3.60 percent in May, which is the lowest since May 2013 (3.54 percent). The average commitment rate for all of 2015 was 3.85 percent.

Properties typically stayed on the market for 32 days in May (39 days in April), which is below a year ago (40 days) and the shortest time since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 103 days in May, while foreclosures sold in 51 days and non-distressed homes took 30 days. Forty-nine percent of homes sold in May were on the market for less than a month — the highest percentage since NAR began tracking.

May inventory data from Realtor.com®(link is external) shows that the top five metropolitan statistical areas where listings stayed on the market the shortest amount of time were San Francisco-Oakland-Hayward, Calif., and Seattle-Tacoma-Bellevue, Wash., both at a median of 25 days; San Jose-Sunnyvale-Santa Clara, Calif., 26 days; and Denver-Aurora-Lakewood, Colo., and Vallejo-Fairfield, Calif., both at 30 days.

Earlier this month, NAR released a new survey looking at the home buying opportunities of student debt borrowers who are current in their repayment. The findings affirmed the notion that repaying student debt is a contributing factor to the low homeownership rate among young adults and the underperforming share of first-time buyers. Nearly three-quarters of non-homeowners in the survey believed that their student debt is delaying them from buying a home, with most of them citing not being able to save for a down payment as the primary reason.

“At a time of historically low interest rates, responsible student loan borrowers should have the opportunity to refinance their loans from their current rates, which can oftentimes run over double-digit percentage points,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “In addition to policy proposals that streamline income-based repayment programs and allow student loan borrowers the ability to refinance into lower rates, NAR supports those that promote student loan simplification, clarity and education. Furthermore, it’s important that mortgage underwriting guidelines related to student loan debt are standardized and do not impair homeownership opportunities.”

All-cash sales were 22 percent of transactions in May, down from both 24 percent in April and a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in May, unchanged from April and down from 14 percent a year ago. Sixty-three percent of investors paid cash in May.

Distressed sales4 — foreclosures and short sales — declined to 6 percent of sales in May, down from 7 percent in April and 10 percent a year ago. Five percent of May sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 12 percent below market value in May (17 percent in April), while short sales were discounted 11 percent (10 percent in April).

Single-family and Condo/Co-op Sales

Single-family home sales increased 1.9 percent to a seasonally adjusted annual rate of 4.90 million in May from 4.81 million in April, and are now 4.7 percent higher than the 4.68 million pace a year ago. The median existing single-family home price was $241,000 in May, up 4.6 percent from May 2015.

Existing condominium and co-op sales rose 1.6 percent to a seasonally adjusted annual rate of 630,000 units in May from 620,000 in April, and are now 3.3 percent above May 2015 (610,000 units). The median existing condo price was $229,600 in May, which is 6.0 percent above a year ago.

Regional Breakdown

May existing-home sales in the Northeast increased 4.1 percent to an annual rate of 770,000, and are now 11.6 percent above a year ago. The median price in the Northeast was $268,600, which is 0.1 percent below May 2015.

In the Midwest, existing-home sales dropped 6.5 percent to an annual rate of 1.30 million in May, but are still 3.2 percent above May 2015. The median price in the Midwest was $190,000, up 4.8 percent from a year ago.

Existing-home sales in the South expanded 4.6 percent to an annual rate of 2.28 million in May, and are now 6.5 percent above May 2015. The median price in the South was $211,500, up 5.9 percent from a year ago.

Existing-home sales in the West jumped 5.4 percent to an annual rate of 1.18 million in May, but are still 1.7 percent lower than a year ago. The median price in the West was $346,900, which is 7.7 percent above May 2015.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

NOTE:  For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample — about 40 percent of multiple listing service data each month — and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

 

NAR, MEDIA CONTACT: ADAM DESANCTIS

 

Posted in Real Estate Market Updates, Westchester County News | Tagged , , , , , , , , , | Leave a comment

6 Mistakes buyers make in a seller’s market

Here are six common mistakes many buyers make — mistakes that you can learn to avoid — when shopping in a seller’s market. Continue reading

Rate this:

Gallery | Tagged , , , , , , , | Leave a comment

This Month in Real Estate

Rate this:

Gallery | Tagged , , , , , | Leave a comment

This month in real estate, November 2015

Rate this:

Gallery | Tagged , , , , , , , , , , | Leave a comment

Divorcing with a shared mortgage

Deciding what to do with the house can be a major quandary for couples getting a divorce, particularly when they share a mortgage. Continue reading

Rate this:

Gallery | Tagged , , , , | Leave a comment