For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191
The Weather is Cool but Real Estate Remains Hot
Though the weather across much of the country turned cool, last month’s existing-home sales surged for the third straight month and reaching their strongest pace in nearly 11 years, according to the National Association REALTORS®. Lawrence Yun, NAR chief economist, says home sales in most of the country expanded at a tremendous clip in November. “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said.
The Capital Region is riding the crest of that same surge. Pending Sales increased 10 percent from November 2016 to 864 for the month. Closed Sales increased over November 2016 to 962 for the month causing the number of homes available for sale to drop to 4,992 as compared to the 6,374 on the market this time last year.
When asked to comment on the nearly 22 percent drop in inventory levels market-wide, Greater Capital Association of REALTORS® President, Joel Koval, Howard Hanna, said, “a dip in inventory this time of year is not surprising, but the increase in pending sales indicates that it is still a very busy market – especially for this time of year.”
The reduction in inventory impacted prices only slightly compared to last year at this time. The Median Sales Price increased 2 percent to $200,000. Sales prices do not seem to be absorbing pressure in the face of the strong economy and high demand. Percent of Original List Price Received at Sale fell to 94.2 percent since last year. As a result, Buyers continue to hit the market causing the Months’ supply of inventory to drop by 23 percent to 4.9 months. The impact is causing homes to come on and off the market 30 days faster than in November 2016.
The National Association of REALTORS® stands firm that elimination of the mortgage interest deduction will have an adverse impact on the nation’s housing market, as the doubled standard deduction will reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. Greater Capital Association of REALTORS CEO, Laura Burns, commented, “Those in the real estate industry along with homeowners, prospective homeowners and those considering selling are watching national and state politics closely. So much is in play right now. As an economic indicator, congressional or state legislative actions that will adversely affect residential sales or the public’s desire and/or ability to own their own home can impact the country’s overall economy. The Greater Capital Association of REALTORS® will continue to take a firm stance on promoting homeownership in this region in the coming year.”
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