Residential

NAR: U.S. Existing-Home Sales Declined 5.9% in October

November 18, 2022

WASHINGTON—Existing-home sales retreated for the ninth straight month in October, according to the National Association of Realtors. All four major U.S. regions registered month-over-month and year-over-year declines. Northeast home sales fell 6.6% last month as compared to September 2022 and 23% from October 2021. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and…

Women’s Council of Realtors Stages ‘Deals in Heels’ Fundraising Event

November 17, 2022

NEW ROCHELLE—The Women's Council of Realtors Local Westchester Chapter held a well-attended “Deals in Heels” fundraising event for RPAC that also included the official installation of 2023 Officers on Oct. 27 at the Glen Island Harbour Club here. 2022 WCR President Vlora Sejdi presided over much of the program that included a host of special…

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October: OneKey MLS

November 15, 2022

NEW YORK—OneKey MLS reported a 2.50% decrease in the closed median residential sale price between September and October 2022 in its nine-county Hudson Valley/New York City regional market area. For October 2022, OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease as compared to the reported $599,999 in September…

SPOTLIGHT ON: HGAR 2022 Affiliate of the Year Brian Tormey

November 15, 2022

When Brian Tormey, President of TitleVest Agency in Manhattan, attended HGAR’s Members Appreciation Day in October, he had no idea it would end with him being named the Association’s Affiliate Member of the Year. “I was completely surprised, and I am truly honored,” he said. “I really never expected this.” Tormey has been an Affiliate…

NAR: Home Prices Rose Year-Over-Year in 98% of Metro Areas in Third Quarter of 2022

November 10, 2022

WASHINGTON—An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales, according to the National Association of Realtors’ latest quarterly report released on Nov. 10. Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80% in…

Realtor.Com Study Identifies Challenges of New Agents and What it Takes to Succeed in Real Estate

November 9, 2022

SANTA CLARA, Calif., Nov. 7, 2022 /PRNewswire/ -- A record number of Americans became real estate agents in recent years. It can be a challenging career for newcomers, and the early struggles to find success means only 4 in 10 new real estate professionals are confident about having a long-term career in real estate, according…

Hudson Companies Acquires TOD Site in Port Chester from Ivy Realty

November 9, 2022

PORT CHESTER—The Hudson Companies announced on Nov. 9 that it had closed on the acquisition of a fully-entitled development parcel at 27-45 North Main St. and 28 Adee St. in the Village of Port Chester. Company officials said plans for the site call for a mix of rental housing, retail space, and community facilities. The…

NAR Report: Share of First-Time Home Buyers Smaller, Older than Ever Before

November 9, 2022

WASHINGTON—When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high, according to a report released on Nov. 3 by the National Association of Realtors. The median distance buyers moved from their previous homes more than…

NAR Report Finds eSignature, Lockbox, MLS Apps/Technology Most Impactful Tools for Realtors

November 2, 2022

WASHINGTON—When it comes to real estate technology, Realtors said that eSignature, lockbox, and apps and technology from their local multiple listing service were the most impactful tools for their businesses this past year. These findings appear in the 2022 Technology Survey from the National Association of Realtors released on Nov. 1. The survey examined NAR…

Construction Nears End on Luxury Apartment Project in New Rochelle

November 2, 2022

NEW ROCHELLE—Building on the leasing success of The Stella luxury high-rise, the development team of LMXD, an affiliate of L+M Development Partners, and WBP Development, have announced the debut of Twenty Five Maple, a boutique mid-rise residential rental apartment building in the heart of downtown New Rochelle. The property, currently under construction, will feature 184…

Cappelli Cuts Ribbon on 28-Story Tower in New Rochelle

November 2, 2022

NEW ROCHELLE—City of New Rochelle and Westchester County officials joined with the Cappelli Organization recently to celebrate the grand opening of 3THIRTY3, a 28-story tower featuring 285 luxury apartments. Located at 333 Huguenot St. in the heart of downtown New Rochelle, 3THIRTY3 has seen strong demand. Since the start of leasing a few months ago,…

Long Delayed Project at Shuttered Hospital Site Scheduled to Start Next Year

October 31, 2022

PORT CHESTER—It appears that plans to redevelop the long-shuttered United Hospital property off Route 1 in Port Chester can finally proceed to construction in 2023 after nearly two decades of false starts and community opposition that prevented shovels turning dirt on the venture. Rose Associates and BedRock Real Estate Partners announced they recently secured final…

Northeast Pending Home Sales Fell 16.2% in September

October 31, 2022

WASHINGTON—Pending home sales fell for the fourth consecutive month in September, the National Association of Realtors reported on Oct. 28. All four major regions recorded month-over-month and year-over-year declines in transactions. The Pending Home Sales Index (PHSI) slumped 10.2% to 79.5 in September. Year-over-year, pending transactions slid by 31.0%. An index of 100 is equal…

HGAR Wins Prestigious Platinum Global Achievement Program Award From NAR

October 31, 2022

WASHINGTON—The National Association of Realtors has notified the Hudson Gateway Association of Realtors that it will bestow the PLATINUM Global Achievement Program Award for 2022 to HGAR for its global services initiatives undertaken by its Global Business Council at a national conference in Orlando in a few weeks. The PLATINUM Global Achievement Program award is…

New York City RE Experts to Weigh in on State of Industry at Chelsea High Line on November 2

October 26, 2022

NEW YORK—As Manhattan’s luxury real estate market continues to rebound, top minds in the industry will come together on Nov. 2 at Chelsea’s High Line Nine to take an in-depth look at the state of the market, discuss top trends, and provide analysis and predictions for the first quarter of 2023 and beyond. The program,…

FHFA Eliminates Upfront Fees for First-Time Homebuyers

October 25, 2022

WASHINGTON—The Federal Housing Finance Agency announced on Oct. 24 targeted changes to Fannie Mae’s and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers, including first-time homebuyers, and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from…

Existing-Home Sales Declines for Eighth Month In Row in September; Northeast Sales Fall 1.6%

October 20, 2022

WASHINGTON—Existing-home sales fell in September, the eighth month in a row of declines, according to the National Association of Realtors. Three out of the four major U.S. regions notched month-over-month sales contractions, while the West held steady. On a year-over-year basis, sales dropped in all regions. Existing-home sales in the Northeast dwindled 1.6% from August…

Home Sales Decline Continues in NYC-Hudson Valley Markets

October 20, 2022

WHITE PLAINS—Home sales continued to decline in the third quarter of this year as the New York City and Hudson Valley markets grapple with stubborn low inventory levels, high inflation, rising interest rates and home prices. Overall home sales in the region fell in the fourth quarter of 2021 and now in the first three…

New York City Council Passes Controversial Bruckner Blvd. Rezoning

October 17, 2022

NEW YORK—The controversial Bruckner Boulevard rezoning proposal that was supported by city leaders and labor unions, but was opposed by some community advocates, including Community Board 10, was passed unanimously by the New York City Council on Oct. 12 by a 48-0 vote. The approval is a victory for New York City Mayor Eric Adams,…

National Rent Growth Cools to the Slowest Annual Pace in 16 Months

October 17, 2022

SANTA CLARA, CA— September data confirms a fall cooldown has come to the rental market, as national rent growth dropped to its lowest annual pace (+7.8%) since June 2021, according to the Realtor.com Monthly Rental Report released on Oct. 13. In another sign of more typical seasonal moderation than last year, the U.S. median rental…