Property Management will be in a healthy position in New York City as we enter the new year. Altogether it looks likes the housing market seems like it is on the mends overall. National Association of Realtors (NAR) released a report indicating that existing home sales rose 2.0% in October. Existing home sales rose 5.60 million in October from 5.49 in September. In more of a testament that the housing market is becoming stronger is that the sales pace is 5.9 percent above a year ago (5.29 million) and surpasses June’s pace (5.57 million) and is the highest since February 2007 (5.79 million).
The Northeast has shown an increase of 1.4 percent to an annual rate of 750,000, and is now 1.4 percent above a year ago. Lawrence Yun who is the chief economist for NAR states “the wave of sales activity the last two months represents a convincing autumn revival for the housing market. “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” he said. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.” To read the entire release by NAR click here.
Distressed sales made 5% of sales in October which is down from the 6% a year ago. Four percent of sales were foreclosures and 1% were short sales. On average, foreclosures and short sales sold for discounts of 18% and 16%, respectively. All these signs are showing a revival of the housing market and a good sign for the property management industry.