Homebuyer confidence increases with surge of new home construction

ALBANY, N.Y., Dec. 19, 2019 (GLOBE NEWSWIRE) -- As U.S. homebuilding increased in November, pending sales and new listings rose year-to-date in New York State compared to this time last year, according to the housing market report released today by the New York State Association of REALTORS®.

NYS November Housing Statistics

According to the United States Commerce Department, both construction of new homes and applications for building permits rose in November. Accordingly, new listings in New York are up 0.8 percent year-to-date to 197,965 units while pending sales are also up 2.7 percent from this time last year to 128,292 homes.

Closed sales, however, are down two percent year-to-date to 119,824. Days on the market decreased 2.7 percent to 71 days compared to this time last year.

The median sales price growth trend has continued for 47 consecutive months, inching up 3.7 percent from November last year to $280,000.

Interest rates remained virtually steady from October 2019, up 0.1 percent in November on a 30-year fixed mortgage, according to Freddie Mac. The rates though are still over one percent lower than those in November 2018.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 57,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Contact:

Scott MorlockDirector of Communications 518-463-0300x208 office[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a85c858-9579-4693-94ba-fd7f0f6260c9

Source: New York State Association of REALTORS®, Inc.

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