Capital Region Legal News

Thursday, November 5, 2015

New York Real Estate Market Gaining Momentum

In the wake of the lingering housing market downturn, there are bright spots on the horizon. The real estate market in gaining momentum in New York.

Rising Home Sales and Prices

The numbers for the summer season show an uptick in closed home sales (up 4.3 percent), sales prices (up 7.4 percent) as well as pending sales (up 10.8 percent) according to the New York State Association of  REALTORS®. Moreover, by the end of the third quarter, home sales across the state were up by more than 6 percent compared to the same time period in 2014.

A closer look at the sales figures in August 2015 shows sales of 12,044 compared to the total of 11,543 in August 2014. The year to date (as of August 31) sales total of 72,534 was  6.6-percent above the same period last year. The median sales price August 2015 was $252,500, compared to the August 2014 median of $235,000. The year-to-date median sales price of $231,500 represents a 2.9-percent increase compared to the first eight months of 2014.

In short, at the end of the summer season, New York’s housing market continued to grow at a “strong pace,” according to the Association CEO, Duncan R. McKenzie. Finally, housing inventories also fell by the end of the sales season.

Why This Matters

With home sales and housing prices on the rise, this is the time to consider getting back into the real estate market. The prospect of rising mortgage rates before the year’s end also makes this the time for buyers to capitalize on the lower rates.

If you are considering buying or selling a home, now is the time to do so. Real estate transactions are complicated and time-consuming, requiring help from experts. Having a lawyer represent you is the best way to ensure that your interests are protected.

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