NY home sales near record high in November

Home Sales at 11-Year High Stateside

In Cumberland County, sales were up 7.98 percent to 1,164 and the median price rose as well by 5.45 percent to $279,450.

At November's sales pace, it would take a record low 3.4 months to exhaust the current inventory, down from 3.9 months in October.

The NAR said sales in the South, which accounts for nearly half of the existing homes sales market, increased 8.3 percent last month.

Lawrence Yun, NAR's chief economist, said market conditions were holding back first-time homebuyers, and the bulk of sales activity came from buyers moving into larger houses who are able to make sizable cash down payments. "Favorable mortgage rates and a strong economy have combined to help buyers weather the price growth driven in part by the continued decline in homes listed for sale."With one month left in the year, it is clear 2017 will go in the books as a strong year for housing in New York State".

"The anticipated rise in mortgage rates next year could further cut into affordability if these staggeringly low supply levels persist", Yun said. Sales remain on track to finish slightly ahead of the 2016 record and we project the median sales price to show growth of 5.5 to six percent."The November 2017 sales total of 10,719 represents a decrease of 2.5 percent from the November 2016 record total of 10,991". This marks the 69th straight month of year-over-year gains.

Fight over Justin Bieber puts Selena Gomez's mum in hospital
The celebrity gossip site reports that Teefy had an unpleasant talk with Gomez about her rekindled relationship with Bieber. Teefey went on, "Then, I came home to [her husband] Brian and [youngest daughter] Gracie to send our love to Scarlett ".

News Corp, owner of the Journal, also operates Realtor.com under license from the National Association of Realtors.

On tax reform, NAR President Elizabeth Mendenhall said following congressional clearance of the tax overhaul package that there is good news for homeowners can because they can count on the mortgage interest deduction and the state and local tax deduction.

The hottest metro areas in November were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Stockton-Lodi, Calif. Sales were up 5.6 percent, rising to 5.81 million.

"It is highly likely that existing sales would have been much stronger in 2017 if supply had been more abundant", said David Berson, Nationwide chief economist.

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