NY home sales to bounce back in 2011

TRD New York /
Jan.January 13, 2011 11:30 AM

Home sales in metropolitan New York will bounce back in 2011 and rise 8 percent compared to last year, the National Association of Realtors predicted. The NAR’s 1.2 million members saw a rise in December — for the fifth straight month — in the number of contracts signed, the New York Post reported. Home sales hit a low last June but have climbed back steadily, particularly in the New York area, where economists had expected a bleaker forecast. “Forward-looking contracts are expected to show a broad uptick,” said Walter Molony, a spokesperson for NAR, adding that official numbers for December and estimates for the coming year won’t be released until Jan. 20. The vast majority of real estate loans signed in December — 72 percent — were solely for refinancing existing homes, the Mortgage Bankers Association said. The group reported yesterday that nationally, total mortgage applications of all types rose 2.2 percent for the second straight week, due mostly to a 4.9 percent jump in home-financing deals. Separately, Freddie Mac economist Frank Nothaft said that U.S. housing prices will hit bottom this spring and begin to rise again next year. [Post]


Related Articles

arrow_forward_ios
(Credit: iStock)

Six weeks, six jumps in mortgage applications to buy homes

Six weeks, six jumps in mortgage applications to buy homes
With home sellers also staying on the sidelines amid the public-health crisis, the market is now giving rise to bidding wars. (iStock)

The return of the bidding war

The return of the bidding war
CAP: NAR President Vince Malta and TAN founder David Faudman (Credit: YouTube, NAR, iStock)

Pushback over going “clear”: NAR sued for pocket listing ban

Pushback over going “clear”: NAR sued for pocket listing ban
Mike Fratantoni (Credit: MBA, iStock)

More than 7.5% of home loans in forbearance: MBA

More than 7.5% of home loans in forbearance: MBA
220 Central Park South and a view of Queens (Credit: Jim.henderson and Dquai via Wikipedia)

TRD Insights: Every resi deal in NYC last week

TRD Insights: Every resi deal in NYC last week
NAR predicts home sales to drop 10% in 2020

NAR predicts home sales to drop 10% in 2020

NAR predicts home sales to drop 10% in 2020
(Credit: iStock)

Loan applications for home purchases jump 12%

Loan applications for home purchases jump 12%
New York City saw over $441 million in residential sales during the third week of April

TRD Insights: These were all the resi deals in NYC last week

TRD Insights: These were all the resi deals in NYC last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...