Market continues to rise on strength on booming economy

As demand rises while the supply is tight, prices will trend upward.

As demand rises while the supply is tight, prices will trend upward.

Market continues to rise on strength on booming economy

“The strength of the housing market and robust demand for housing is citywide, in every borough and across every housing type,” said John Banks, REBNY President.

“This uniform improvement across the board is both a by-product of and a contributor to New York City’s vibrant economy, which continues to experience positive population and job growth.”

The entire NYC market saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015, according to the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report.

In Manhattan, total consideration for residential sales surged 20 percent year-over-year to $5.96 billion, while in Brooklyn, total consideration for residential sales increased 10 percent to $2.16 billion.

The total consideration for residential sales in Queens also rose 15 percent to $1.6 billion year-over-year.

The average sales price of a home in New York City increased 12 percent to $923,000 from $826,000 in the second quarter of 2014.

This rise was driven by a substantial uptick in average prices in all boroughs and particularly large average price increases in Manhattan.

Similar to the results in the last two consecutive quarterly reports, Manhattan condos again had the largest effect on the overall average sales price for a home in New York City this quarter.

The average price of a Manhattan condo increased 31 percent year-over-year to $2,353,000 while the number of sales increased 2 percent.

This large average price increase was partly attributable to more closings at 157 West 57th Street where six sales over $20 million dollars were recorded during the quarter, including one over $90 million.

Excluding the 157 West 57th Street sales, the average sales price for a Manhattan condo was $2,143,000, a 19 percent increase year-over-year.

The home sales markets in Brooklyn and Queens saw sizable average price increases of 9 percent year-over-year, while the Bronx and Staten Island saw average price increases of 7 and 6 percent respectively.

The total number of homes sales in New York City increased by five percent year-over-year to 11,262.
Year-over-year sales volume in: Queens rose 5 percent to 3,409 sales; Brooklyn increased 1 percent to 2,782 sales; and the Bronx rose 11 percent to 728 sales in the second quarter of 2015.

New-Home Sales Climb to 7-Year High

New-Home Sales Climb to 7-Year High

New-home sales surged to the highest rate since February 2008, as the new-construction market continues to gain ground this year. Sales of newly built single-family homes increased 2.2 percent, reaching a seasonally adjusted annual rate of 546,000 units in May, according to a report from the Commerce Department.

“Our builders are seeing motivated buyers and the release of pent-up housing demand,” says Tom Woods, chairman of the National Association of Home Builders. “However, builders are facing supply-chain challenges, which is affecting the inventory of new homes.”

Sales are nearly 20 percent higher than the pace in May 2014. New-home inventories remain tight at 206,000, a 4.5-month supply at the current sales pace. That’s pushed the average sales price of a new home sold in May to $337,000.

“This month’s new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market,” says David Crowe, NAHB’s chief economist.

Regionally, new-home sales were mixed in May. They rose 87.5 percent month-over-month in the Northeast and had a 13.1 percent boost in the West. However, new-home sales dropped 5.7 percent in the Midwest and 4.3 percent in the South.

Source: National Association of Home Builders and “New Home Sales Up 2.2% in May,” Forbes.com (June 23, 2015)

How renting became the new homeownership – The Washington Post

“This shift, underway since the housing bust, is flipping conventional images of what it means to rent: Renters are now living, by the millions, in single-family homes that were once owned.” via How renting became the new homeownership – The … Continue reading

Staten Island named Americas No. 2 place for couples to live | SILive.com

Staten Island named Americas No. 2 place for couples to live | SILive.com.

Mortgage News Daily for August 22, 2014

Mortgage rates moved lower for a second straight day following a much-anticipated speech from Federal Reserve Chair Yellen in Jackson Hole.

Read more here>>> Mortgage News Daily – Mortgage And Real Estate News.

Mortgage News for August 15, 2014

Mortgage Rates Drop Quickly to 2-Month Lows on Ukraine Turmoil

Read It Here>>> Mortgage News Daily – Mortgage And Real Estate News.

Keep Water at Bay

There’s no need yet to acquire an ark, but water certainly has become a bigger menace in many parts of the country.

A great summary on how to protect your home from water. >>>Keep Water at Bay.

 

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