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The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
According to the latest batch of market reports, the national housing market is expected to see slow growth next year, home prices dropped in October in two of New York City’s most expensive neighborhoods, and mortgage applications spiked in the week after the presidential election.
Residential
Home purchase applications: Mortgage Bankers Association
Lenders saw a spike in new mortgage applications the week after Trump was elected. The number of homebuyers who filed for mortgages was up 5.5 percent over last year. Read the full report here.
October 2016 residential sales: StreetEasy
Residential prices declined in North Brooklyn and Downtown Manhattan, two of New York City’s priciest areas, and Manhattan’s price growth is at its slowest pace in five years. Read the full report here.
2017 Housing forecast: Realtor.com
Realtor.com forecasts the national housing market will see only modest growth in 2017. Nationwide home prices are expected to increase 3.9 percent and home sales will grow 1.9 percent in the next year. Read the full report here.
2016 Equality indicators: CUNY Institute for State and Local Governance
Nearly a third of all renters in New York City are extremely rent burdened, and Hispanic and Asian residents are the most likely to be rent burdened. Read the full report here.