Capital Region Remains an Affordable Place to Live
PRESS RELEASE
For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191
Capital Region Remains an Affordable Place to Live
The National Association of REALTORS® RECENTLY reported that although mortgage rates have remained historically low, nationally home prices have reached unaffordable levels for some entrants into the housing pool. Not so in the Capital Region markets -with a Housing Affordability Index of 192, most Buyers’ hitting the median income rate are in a great position to purchase a home in the Capital Region.
According to a recent American Community Survey, in 2016 Capital Region residents’ median income surpassed the state’s median income ($63,000) at $66,000. The national median income was approximately $59,000.
Inventory levels market-wide decreased by nearly 17 percent to 5,714 units. Months’ supply of inventory was down 17 percent to 5.7 months. Relief on Supply of Homes for Sale, still lower than last year at this time, does not look eminent. Greater Capital Association of REALTORS® president, Joel Koval, of Howard Hanna Real Estate Services, commented that, “Following a busy sales summer, buyers may continue to find themselves in multiple offer situations as inventory in the Capital Region remains low. The reduced number of homes for sale compared to this time last year definitely impacted the Sellers’ market.”
Summer buying activity put pressure on prices causing the Median Sales Prices to increase by 6 percent as compared to last year at this time. Landing at $206,500 for September, higher year-over-year prices are estimated to continue through the end of the year. Pending Sales increased 10 percent from September 2016 to 1022 for the month. Percent of Original List Price Received at Sale was 95 percent. New construction lags in keeping up. Year-to-date average days on market reported in at 55 DOM, a 17 percent drop over last September’s YTD number.
Due to Hurricanes Harvey and Irma, the California wildfires, disrupted employment, and concentrated new construction requirements, regional differences will become much more prevalent and pronounced in the coming months. Highlighting the fact that, particularly in the United States, all real estate is, indeed, local. Now more than ever.
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The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 3,300 REALTORS®. It is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, appraisers and other companies servicing the real estate industry.