PRESS RELEASE
For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x15
The second quarter of the housing market in 2016 did not disappoint. Pending Sales in the Capital Region were up more than 16 percent overall. The price range with the largest gain in sales was the $125,000 and below, where sales increased by nearly 29 percent.
In June alone, Closed sales jumped 11 percent from last year, with 1,172 houses sold across the Capital Region. Pending Sales were up 6 percent from June 2015 from June 2016.
The number of new listings in the Capital Region dropped 17 percent from last year. Months Supply of Inventory dipped by 33 percent to 6.7 months.
Lawrence Yun, NAR chief economist, says a healthy economy with impressive employment rates have helped boost home sales in 2016. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.” Yun remarked.
Nationwide, the share of first-time buyers was 33 percent in June, which is up from 30 percent in May. Both New York State and the national unemployment rate dropped to 4.7 percent last month.
Greater Capital Association of REALTORS® President, Marie Bettini, of the Albany Realty Group, said “Looking ahead, it’s unclear if this current sales pace can further accelerate as near-record low mortgage rates and solid job numbers face off against a lack of homes available for sale.”
Greater Capital Association of REALTORS® CEO, Laura Burns, agrees with Bettini. “The low inventory situation is a strain on this market. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cool-down in the market could occur by winter but right now it’s a sellers’ market with homes spending only an average of 70 days or so on market and sellers receiving nearly 96 percent of the original list price.”
The Greater Capital Association of REALTORS® is a professional trade association officially representing the real estate industry since 1920 (formerly the Albany County Association of REALTORS®) and is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, multi-dwelling owners, appraisers, mortgage and banking professionals, title and abstract companies and other companies servicing the real estate industry.