WASHINGTON—More than 80% of metro markets (182 out of 221) posted home price gains in the third quarter of 2023 as the 30-year fixed mortgage rate ranged from 6.81% to 7.31%, according to the National Association of Realtors’ latest quarterly report released on Nov. 9. Eleven percent of the 221 tracked metro areas registered double-digit…
Read MoreReprinted from REALTOR® Magazine by permission of the National Association of REALTORS®. Copyright 2023. All rights reserved. Editor’s Note: The push by the real estate industry to bring transparency to the co-op transaction process, particularly by the Hudson Gateway Association of Realtors and the New York State Association of Realtors, was the subject of a…
Read MoreThe Hudson Valley will confront a serious labor shortage over the next two decades as lower births, a wave of retirements, and decades of outward migration drive down our full-time population. The leading edge of this trend is hitting us now, and the symptoms are everywhere. Hospital executives cannot find enough local nurses, forcing them…
Read MoreALBANY—In light of some criticism being leveled against Industrial Development Agencies in New York State, particularly the need and financial returns of incentives granted to development projects by IDAs, a newly released report commissioned by The New York State Economic Development Council calculates the benefits of IDA incentives in 2021 in the billions of dollars…
Read MoreNEW YORK—A joint venture between affiliates of New York City-based Cantor Fitzgerald L.P. and Harbor Group International, LLC of Norfolk, VA has acquired Avalon Mamaroneck, a 229-unit Class A multifamily community in Westchester County, from AvalonBay Communities, the developer of the property in the Town of Mamaroneck. Avalon Mamaroneck located at 746 Mamaroneck Ave. was…
Read MoreCHICAGO—The National Association of Realtors announced today that Nykia Wright has been appointed its interim Chief Executive Officer, starting November 20, 2023. Bob Goldberg, who announced his planned retirement in June of this year, will serve as an executive consultant to NAR to help support the transition. Goldberg has been with NAR for 30 years…
Read MoreKANSAS CITY, MO—The National Association of Realtors and two codefendants were found liable Tuesday (Oct. 31) in the federal Sitzer/Burnett trial, which challenged MLS rules and the real estate compensation model. The eight-person jury also found liable HomeServices of America and Keller Williams Realty, which were named in the lawsuit. During the 11-day trial, NAR…
Read MoreNEW YORK—New York Attorney General Letitia James released a scathing report earlier today on what she termed as a “stark racial gap” in homeownership rates and access to home financing across New York State. These disparities are a significant contributor to the racial wealth gap and result in higher housing costs for homebuyers of color,…
Read MoreWASHINGTON—Pending home sales rose 1.1% in September, according to the National Association of Realtors. The Northeast, Midwest and South posted monthly gains in transactions while the West experienced a loss. All four U.S. regions had year-over-year declines in transactions. “Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage…
Read MoreSLEEPY HOLLOW—The days of significant condominium development in Westchester County are long gone. However, one new luxury condo project is experiencing strong sales activity in the early days of marketing—The Daymark—being developed at the site that was once home to a General Motors assembly plant property here. In a little more than two months since…
Read MoreNEW YORK—Real estate is a driving economic force in New York State, and politics and policy can have a significant impact on the industry. The Hudson Gateway Association of Realtors, Inc. and OneKey MLS hosted an Oct. 12 virtual panel that featured experts who surveyed New York’s political landscape, looked at laws and regulations, and…
Read MoreFARMINGDALE—OneKey MLS announced on Oct. 23 it completed the annual selection process and had nominated five new Managers to represent stakeholder interests for a two-year term on its Board of Managers. The newly selected Nominees will serve alongside Chairperson Frank DellAccio and Managers Leah Caro, Linda Lugo, Melissa Gomez, and Pati Holmes, together with three…
Read MoreALBANY—New York Gov. Kathy Hochul signed several bills into law on Oct. 23 geared at building and preserving more affordable, energy-efficient housing in New York City. The governor signed S. 4709A/A. 7758, which authorizes New York City to adopt a new affordable housing rehabilitation program to replace the former J-51 program. The governor also signed…
Read MoreNEW YORK—Yesterday (Oct. 19) a host of elected officials, hip-hop luminaries and community leaders joined L+M Development Partners, Type A Projects, BronxWorks, and The Hip Hop Museum for a ribbon cutting ceremony to celebrate the opening of the housing and public space components at phase one of Bronx Point, the much-anticipated $349-million mixed-use development on…
Read MoreWHITE PLAINS—While Realtors say that home buying demand is still strong, high interest rates and critically low inventory caused residential sale transactions to fall precipitously in the third quarter of 2023. According to the recently released “2023 THIRD QUARTER REAL ESTATE SALES REPORT: Westchester, Putnam, Rockland, Orange, Sullivan and Bronx counties, New York” by the…
Read MoreWASHINGTON—Existing-home sales faded in September, the National Association of Realtors announced today. Among the four major U.S. regions, sales rose in the Northeast but receded in the Midwest, South and West. All four regions registered year-over-year sales declines. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—waned 2.0% from August to a…
Read MoreNEW YORK—The New York Building Congress released its “2023-2025 New York City Construction Outlook Report” on Oct. 18 where it projects that total construction spending in New York City will reach $83 billion in 2023, up $13 billion from last year, adjusting for inflation. The updated spending figure is projected to reach $261 billion over…
Read MoreFARMINGDALE, NY— For September 2023, OneKey MLS reported today a regional closed median sale price of $630,000, a 0.80% decrease as compared to the $635,000 reported in August 2023. In a year-over-year comparison, the closed median sale price increased 5.00% from $600,000, reported in September 2022. However, sales transactions and pending residential deals were down…
Read MoreWEST NYACK— The Palisades Center mall in West Nyack recently announced the grand opening of real estate brokerage firm RE/MAX Opulent on Level One near Best Buy. RE/MAX Opulent is headed by Broker Zulma Valnetin and Vice President of Operations Jian Gonzalez. The brokerage features an experienced and dedicated team of real estate professionals that…
Read MoreNEW YORK—The Hudson Gateway Association of Realtors held its second annual “Bronx County Day” recently that was attended by more than 100 Realtor members and staff, as well as a host of politicians representing the borough, including Bronx Borough President Vanessa Gibson. At the event, held at the Castle Hill YMCA, commercial and residential real…
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