'Highest mark in a decade' for NY housing market

In their monthly outlook report, federal housing officials at Freddie Mac predicted the nation's housing market would have its best year since 2006. At the same time, the New York State Association of Realtors reported that February was the best month for home sales in a decade. Pictured here, this 13 Jonquil Trail home in the city of Oswego is listed for sale.

As federal housing authorities predict a record year for the housing market, New York's market had the best month in a decade in February.

The Federal Home Loan Mortgage Corporation, known as Freddie Mac, said in its March housing outlook report that home prices and the construction of new homes should be expected to reach their highest numbers in the country since 2006.

"Housing markets are poised for their best year in a decade. In our latest forecast, total home sales, housing starts and home prices will reach their highest levels since 2006," Sean Becketti, Freddie Mac's chief economist, told Realtor Magazine.

At the same time, the New York State Association of Realtors (NYSAR) released its February market report showing the strongest sales numbers in a decade, with 7,521 homes sold that month, a 19.5 percent increase from the 6,292 sold in February of last year and pending sales increased 21.9 percent to 9,286 from a year ago.

"Buyers taking advantage of the unseasonably mild weather and continued low mortgage rates drove the February closed home sales total to the highest market in a decade," NYSAR CEO Duncan MacKenzie said in a statement. "Combined with the strong January sales total, the Empire State housing market is starting the year with sales nearly 19 percent above the first two months of 2015. Looking ahead, the nearly 22 percent jump in pending sales bodes well for a strong finish to the first quarter." Statewide, the median sales price rose 4.4 percent to $235,000, with 73,046 homes listed for sale across the state, 4.6 percent less than last year.

In Oswego County, there were 53 closed sales in February, a 3.9 percent increase from February 2015. New listings also rose by 44 percent over last year to 108, with an 8.7 percent decrease in median sales price to $84,000.

Onondaga County saw a 13.6 percent increase in closed sales, reaching 251 compared to 221 in the previous year, while new listings increased 23.7 percent to 511, and saw the median sales price rise 10.1 percent to $133,225.

The lowest median sales price can be found in Allegany County, at $70,000, a 40 percent increase from the $50,000 median in 2015. Kings County had the highest median price, $450,000, up 28.6 percent from $350,000 last year.

(2) comments

CameronRobertson

The property market is constantly fluctuating regardless of whether it is the residences or commercial properties like self storage, retail buildings and so on. There is no one way to determine what is about to come up next and how to monitor any market patterns to decide when is the best time to make a purchase or sign any lease agreements.

UdyRegan

I think that since the high prices of the property markets of the last few years have been so widely reported about, the governments should have implemented some sort of plans to make sure that the prices start to level out or come down! I know some people who are living out of a self storage unit and of course there is the whole tiny house movement that people are getting into, which is probably sparked by the insane prices for properties on the market! People just can't afford a regular home anymore and are looking for alternatives for their families! After all, life has to go on....

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