11.24.2014

Real Estate Market Cools with Temps


Based on statitstics released today by the Greater Capital Association of REALTORS®

(GCAR), it is reported that the region’s housing market continues to remain active.

Nationally, both housing starts and future building permits are on the rise. Here in the

Capital Region, year to date new construction sales in the region have remained about

the same over 2013, but selling prices have increased by 4% to an average of $377,667.

Despite a dip in the number of active listings on the market show that inventory levels

market-wide were down 6.3 percent to 7,841 units. Pending sales decreased by 1

percent from October 2013 to 790 for the month. Prices softened causing a decrease of

3% over 2013 to $187,000. GCAR President, Al Picchi, Vice President & General

Manager, RealtyUSA.com, commented that, “Even though home prices are a popular

measure, it's worthwhile to take note of what other metrics are trying to tell us. For

example, months’ supply of inventory was down 6.5 percent to 10.0 months. Overall,

sellers are accepting a slightly lower share of their asking price, which could be reflective

of fewer multiple offer situations”. Percent of Original List Price Received at Sale fell to

92.5 percent since last year.

Though foreclosures in the region have decreased, homeowners and real estate markets

across New York State remain afflicted by them. “Homeowners are faced with the awful

choice between a tax bill they are unable to pay and losing their home,” says NAR

President Chris Polychron, “Realtors® urge the U.S. House to schedule a vote on “The

Mortgage Forgiveness Tax Relief Act,” as soon as possible. This bipartisan legislation

would extend an expired provision that has helped millions of distressed American

families by allowing tax relief when lenders forgive a portion of the mortgage debt they

Interest rates remain attractive, even as Federal Reserve banter is finally hinting that

quantitative easing is reaching its fateful conclusion. GCAR CEO, Laura Burns stated,

“Capital markets have exhibited some volatility, but ultimately it's all about earnings and

growth, and corporate earnings have been encouragingly strong, while private job gains

have recently exceeded expectations”.

The Greater Capital Association of REALTORS® is a professional trade association officially

representing more than 2,800 real estate professionals in the Capital Region. GCAR is the “Voice

for Real EstateTM in the Capital Region.

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