Categorized | Residential

New York State Housing Market Experiences Slowdown

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The residential real estate market in New York declined slightly in 2011, as overall sales dropped nearly four percent from the previous year. Although housing sales were down for the year in 2011, there were positive signs of growth in the fourth quarter.

With sales having improved in the fourth quarter, residential real estate analysts believe that sales and prices will rebound in 2012. Housing prices are starting to show signs of stabilization. With record-low mortgage rates making houses more affordable than ever, it is likely that housing sales and average home prices receive a boost in the next twelve months.

While the prime market of NYC has performed up to expectations for the most part over the last few years, the areas outside of the city continue to face declines in both prices and sales. However, the majority of the areas will see those declines reversed in the next year, as demand in the residential real estate market will increase among potential buyers.

In an effort to boost the market even further, the New York State Governor is looking to pass a legislation that would help the state combat its foreclosure issue. Foreclosures had a significant impact on the housing market in 2011, and will likely continue to affect the market throughout the next year.

Roughly one in four homes in New York State are in foreclosure, and there have been few signs of that number improving in the near future. The state is hoping that a Foreclosure Prevention Services Program will be able to prevent further foreclosures from taking place.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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