WHITE PLAINS—The COVID-19-induced home sales boom is over and sales activity in 2022 and the first few weeks of 2023 were down significantly thanks to rising inflation and higher mortgage rates. In the first weeks of 2023, the Federal Reserve continued to hike rates to control inflation and is expected to continue to do so…
Read MoreWASHINGTON—Approximately nine out of 10 metro markets registered home price gains in the fourth quarter of 2022 despite mortgage rates eclipsing 7%, according to the National Association of Realtors’ latest quarterly report. A total of 18% of the 186 tracked metro areas registered double-digit price increases over the same time period, down from 46% in…
Read MoreNORWALK, CT—RISMedia announced a new partnership with OneKey MLS, the largest multiple listing service in New York that serves more than 50,000 Realtors and 4,500 participating offices throughout Long Island, New York City and the Hudson Valley, to bring best-in-class articles and need-to-know information to its subscribers. OneKey MLS subscribers will receive a selection of…
Read MoreALBANY—The New York State Association of Realtors at its Mid-Winter Meetings held here earlier this month acknowledged HGAR’s 2022 Realtor of the Year Gail Fattizzi and announced the selection of a number of HGAR members for prestigious community service and industry advocacy awards, as well as several RPAC Hall of Fame inductions. From left, Gail…
Read MoreNORTH CASTLE—The New York State Department of Environmental Conservation and Westchester Land Trust announced on Feb. 3 the acquisition of a total of approximately 68 acres of land in Westchester County to protect the drinking water sources of the Town of North Castle and New York City's New Croton Reservoir system. The funding for these…
Read MoreALBANY—Gov. Kathy Hochul in her address on her proposed Fiscal Year 2024 Executive Budget on Feb. 1 outlined her “New York Housing Compact” that looks to address the housing shortage in New York State by building 800,000 new homes over the next decade. The plan sets housing target growth rates at 3% for downstate municipalities…
Read MoreAlthough the population continues to increase, fewer Americans decided to move in 2022. After a historically low moving rate in 2021, data indicates that even fewer Americans moved across the country last year. However, this is not a new trend. Millions of people moved during the pandemic, driven by the opportunity to work remotely, the…
Read MoreWASHINGTON—Pending home sales increased in December for the first time since May 2022—following six consecutive months of declines—according to the National Association of Realtors. The Northeast and Midwest recorded month-over-month reductions, while the South and West posted monthly gains. All four U.S. regions saw year-over-year decreases in transactions, with the West experiencing the largest decline…
Read MoreNEW YORK—Camber Property Group announced on Jan. 24 it had closed on two 100% affordable properties in The Bronx, preserving and extending affordability for 187 units in transactions valued at a total of $56.4 million. In early January 2023, Manhattan-based Camber closed on the purchase of Morris Heights Mews, a three building, 111-unit, 100% Project…
Read MoreNEW YORK—Residential brokerage firm Douglas Elliman Realty has announced it has promoted its Senior Executive Regional Manager of Sales for Hamptons and North Fork Todd Bourgard to Chief Executive Officer of Long Island, Hamptons and North Fork, effective immediately. In his new role, Bourgard will oversee operations throughout the entire Long Island region, totaling 36…
Read MoreCLARKSTOWN—Newly installed U.S. Rep. Mike Lawler has followed up his recently introduced bill to prevent the implementation of congestion pricing in Manhattan with new bipartisan legislation that would drastically change the SALT Cap and eliminate the SALT Cap marriage penalty. U.S. Reps. Mikie Sherrill (NJ-11) and Mike Lawler (NY-17) announced on Jan. 31 they had…
Read MoreWASHINGTON—Existing-home sales retreated for the 11th consecutive month in December, the National Association of Realtors reported today. Three of the four major U.S. regions recorded month-over-month drops, while sales in the West were unchanged. All regions experienced year-over-year declines. Total existing-home sales decreased 1.5% from November to a seasonally adjusted annual rate of 4.02 million…
Read MoreFARMINGDALE, NY—For December 2022, OneKey MLS reported today a regional closed median sale price of $570,000, representing a 0.90% decrease as compared to the reported $575,000 in November 2022. Between November and December 2022, closed regional sales transactions in the nine-county OneKey MLS region, including residential, condo, and co-op sales, decreased to 4,270 from 4,620,…
Read MoreALBANY—In her 2023 State of the State address on Jan. 10 in Albany, New York Gov. Kathy Hochul outlined key initiatives to reduce crime and gun violence, enhance mental health services and address the affordability crisis in the state. The governor introduced her “New York Housing Compact,” a groundbreaking strategy to catalyze housing development that…
Read MoreWHITE PLAINS—The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors reached its goal of $100,000 in fundraising for 2022, raising a total of $105,515. The funds will be used to provide 2023 donations to charities and non-profits throughout the Hudson Valley. In 2022, the foundation held its “Runway for…
Read MoreNEW YORK—All are invited to welcome the 2023 HGAR leadership when the association holds its Installation Gala on Thursday, Feb. 2, at the beautiful Marina Del Rey in the Bronx, directly on Long Island Sound. The event will run from 6 p.m. to 10 p.m. and will include a program to install the new 2023…
Read MoreWHITE PLAINS—The residential real estate markets in the New York City region and the lower Hudson Valley all experienced a shifting market in 2022. Still, in each county, the number of units sold in 2022 exceeded those of the 2019 pre-pandemic market, the Hudson Gateway Association of Realtors reports. Total residential sales in the counties…
Read MoreWASHINGTON—Commercial and multifamily mortgage originators are experiencing an unsettled market for borrowing and lending but anticipate those conditions will slowly stabilize over the course of 2023, according to the Mortgage Bankers Association's 2023 Commercial Real Estate Finance Outlook Survey. The survey, which polled the leaders of the top commercial and multifamily mortgage finance firms for…
Read MoreRYE BROOK—The luxury real estate market north of New York City ended 2022 with mixed results as luxury sales in Westchester, Putnam and Duchess counties were largely unchanged while Greenwich, Darien and New Canaan posted sharp declines, according to the Houlihan Lawrence Luxury Q4 Market Report released on Jan. 5. According to the report, Westchester…
Read MoreWASHINGTON—Pending home sales slid for the sixth consecutive month in November, according to the National Association of Realtors. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions. “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest…
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