Tag Archives: Mt Kisco Homes for Sale

US home sales fall 18% | Mt Kisco Real Estate

This April 16, 2020 photo shows a real estate company sign that marks a home for sale in Harmony, Pa. U.S. new home sales plunged 15.4% in March as the lockdowns that began in the middle of the month began to rattle the housing market. The Commerce Department reported Thursday, April 23, that sales of new single-family homes dropped to a seasonally adjusted annual rate of 627,000 last month after sales had fallen 4.6% in February. (AP Photo/Keith Srakocic)

Sales of existing homes plunged 17.8% in April with the real estate market still in the grips of the coronavirus pandemic.

The National Association of Realtors said Thursday that last month’s decline pushed sales down to a seasonally adjusted annual rate of 4.33 million units, the slowest pace since September 2011.

The sales drop was the largest one-month decline since a 22.5% fall in July 2010. That tail-off was preceded by the end a congressionally approved tax credit intended pull the housing market out of the 2006 collapse of the housing market.

The median price for a home sold in April was $286,800, which was an increase of 7.4% from a year ago. Lawrence Yun, chief economist of the Realtors group, attributed the big jump in the median price to a lack of enough homes for sale, especially for first-time buyers.ADVERTISEMENT

Sales were down in all parts of the country with the West seeing a 25% drop. Sales in the Northeast fell 16.9%. Sales were down 17.9% in the South and down 12% in the Midwest.

Analysts said that the coronavirus shutdowns had contributed to the shortage in the number of homes for sale in April and that played a role in the increase in prices.

“Homebuyers are getting back out there, searching for more space as they realize using their home as an office and school may become the norm,” said Taylor Marr, lead economist at Redfin, a real estate brokerage firm. “But sellers are still holding off on listing their homes, partially due to economic uncertainty and concerns of health risks.”

Redfin said that the most competitive housing markets in April and early May were Boston, San Francisco and Fort Worth.

Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said she expected sales to rebound off their lows in May “as a combination of pent-up demand as well as a desire to move to less densely populated areas boosts sales.”

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apnews.com

Unemployment jumping to 15.5% will hurt housing prices | Mt Kisco Real Estate

According to the Unemployment Insurance Weekly Claims Report, released by the U.S. Department of Labor, the number of initial claims for unemployment insurance hit 3.2 million for the week ending May 2nd, bringing the total to 33.5 million over the past seven weeks.

In the week ending May 2nd, the number of people who applied for unemployment benefits, known as jobless claims, was at a seasonally adjusted level of 3,169,000, a decrease of 677,000 from the previous week’s revised level of 3,846,000 claims. The four-week moving average decreased to 4,173,500, from a revised average of 5,035,000 in the previous week. After it hit a record of 6.9 million for the week ending March 28th, the number of jobless claims has declined gradually in the following weeks. By the week ending May 2nd, the number of jobless claims was less than half of the peak of 6.9 million, and the seven-week’s jobless claims totaled 33.5 million.

The seasonally adjusted insured unemployment rate increased by 3.1 percentage points to 15.5% for the week ending April 25th. The number for seasonally adjusted insured unemployment increased to 22,647,000 during the week ending April 25th, from an upward revised level of 18,011,000 in the previous week. It was the highest level of seasonally adjusted insured unemployment in the history of the seasonally adjusted series.

The unadjusted number of initial claims, released by the U.S. Department of Labor, totaled 3,495,703 in the week ending April 25th, a decrease of 785,945 from the previous week. The chart below presents the top 10 states ranked by the number of initial claims for the week ending April 25th. Florida, California, Georgia, Texas, and New York reported the most initial claims. Florida led the way with 433,103 claims, followed by California with 325,343 claims and Georgia with 266,565 claims. The number of jobless claims in these 10 states accounted for about 56% of the total number of jobless claims in the week ending April 25th.

The trending of initial claims was mixed. For the week ending April 25th, Washington (+56,030), Georgia (+19,562), New York (+14,229), Oregon (+12,091), and Alabama (+8,534) reported the largest increases in initial claims, while California (-203,017), Florida (-73,567), Connecticut (-69,767), New Jersey (-68,173), and Pennsylvania (-66,698) had the largest decreases in initial claims.

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www.eyeonhousing.org

Connecticut Feeling On Tolls Could Keep I-684 Free | Mt Kisco Real Estate

Connecticut’s governor proposed putting a toll gantry on the 1-mile section of I-684 that goes out of New York.

Connecticut Feeling On Tolls Could Keep I-684 Free
(Google Maps)

The proposal to put a tollbooth on the Connecticut mile of Interstate 684 apparently elicited negative reactions from Connecticut politicians as well as New Yorkers. Democrats in the Connecticut State Senate are less than enthusiastic about Gov. Ned Lamont’s plan for tolls at 14 spots throughout the state.

Lamont wants to put tolls on roads in his state to raise revenue and pay for repairs. One of the roads he picked is I-684, the “interstate highway” that runs down the east side of Putnam and Westchester counties in New York.

The toll plaza would go in the 1.4 mile stretch of I-684 that is in Connecticut. The toll gantry would be sandwiched between the exit for the Westchester County Airport to the south and the exit for Armonk, home of IBM, to the north.

Lamont met with the Democratic caucus Wednesday to go over his plan and hear questions and concerns from the caucus. Senate President Martin Looney told Patch that there was broad support for Lamont’s proposed transportation fixes, but disagreement on how to pay for them.

“We need to find something that is broadly palatable in the General Assembly and also to the public,” Looney said.

The caucus didn’t take a headcount on support for Lamont’s plan. Looney said Lamont was going to reflect on what he heard in the caucus meeting.

Senate Majority Leader Bob Duff said everyone acknowledges that it’s vitally important to upgrade Connecticut’s transportation infrastructure. He said Lamont carefully listened to concerns from legislators.

“How we get there and how we pay for it is certainly a different story,” Duff said. “But it was a very frank conversation with the governor.”

Lamont campaigned on truck-only tolling, but said after being elected it wouldn’t create enough revenue for the state and could run into some legal challenges from the trucking industry. Lamont rolled out a 50-toll gantry plan that took up part of the 2019 legislative session, but in the end never got a full vote. Any toll vote would likely become a hot-button issue in the 2020 election where state representatives and senators are up for re-election.

Legislative Republicans in Connecticut have been steadfast in their opposition to tolls. House Republican Leader Themis Klarides said that there is common ground in Lamont’s latest plan and it was more well-thought than previous iterations, but tolls are still a non-starter.

Non-starter was exactly the term New York State Senator Pete Harckham used, talking about his constituents in Dutchess, Putnam and Westchester counties who would be unfairly affected. “Governor Lamont’s plan to place a toll on I-684 is a nonstarter because it disproportionately impacts New York commuters. There are enough roads elsewhere in Connecticut to toll to fund infrastructure projects in Connecticut.”

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https://patch.com/new-york/bedford/s/gwzdh/connecticut-feeling-on-tolls-could-keep-i-684-free?utm_term=article-slot-1&utm_source=newsletter-daily&utm_medium=email&utm_campaign=newsletter

How NYC’s affordable housing crisis affects family homelessness | #MtKisco Real Estate

New York’s housing crisis has taken center stage in the last few months: A bold package of bills was passed in Albany to protect tenants, while the city’s Rent Guidelines Board voted to raise the rent despite clamors from residents of rent stabilized apartments. Something that housing advocates have continuously cited is the number of sheltered and unsheltered homeless in the city.

A new study by the Institute for Children, Poverty and Homelessness (ICPH), found that on July 1, 2018, there were over 12,000 families with children sleeping in a city-run shelter. The study also explored the biggest factors—family, neighborhood, and shelter dynamics—that lead to homelessness.

Overall, the study says that in fiscal year 2016, the main reasons families entered shelters included domestic violence (30 percent), eviction (25 percent), and overcrowding (17 percent).

In terms of shelter dynamics, the ICPH analysis found that neighborhoods with the highest family shelter capacity include Concourse/Highbridge, East Tremont in the Bronx, and Brownsville in Brooklyn. The report also notes that in 2015, the district with the most families entering shelters was East New York in Brooklyn.

Neighborhood dynamics contributing to homelessness, the study found, include educational attainment, unemployment, rent burden (as well as disappearing affordable units), and poverty.

An interactive map (below) shows the percentage of severely rent-burdened households in each borough—meaning households spending 50 percent or more of their income on rent. The map shows that the Bronx had the most severely rent-burdened households with 33.1 percent, followed by Staten Island at 29.5 percent (those figures are based on the U.S. Census Bureau’s 2017 American Community Survey.)

The study lists specific neighborhoods facing the most instability for different reasons. In Borough Park, for instance, 44 percent of households are severely rent burdened, and in Mott Haven, 40 percent of residents have less than a high-school diploma.

“Severely rent burdened households are often just one lost paycheck or medical emergency away from eviction,” the study reads. “As rents continue to rise, the preservation of affordable housing is essential to keeping families on the brink of homelessness stably housed in their communities.”

Also included in the map are the number of disappearing affordable units in each neighborhood. Those with large numbers of lost affordable units include Battery Park/Tribeca, Midtown Business District, Williamsburg/Greenpoint, Fort Greene/Brooklyn Heights, Fresh Meadows/Briarwood, Coney Island, and East Harlem.

Though the ICPH report says the number of families with children in shelters has increased by almost 55 percent between 2011 and 2018, the city’s Department of Homeless Services told Curbed that the overall numbers have gone down.

“Our transformation plan puts people first, offering them the opportunity to get back on their feet in their home boroughs, closer to support networks, including schools,” Isaac McGinn, a city Department of Homeless Services spokesperson told Curbed in a statement.

“As we turn the tide on this citywide challenge, we’ve driven down the number of families experiencing homelessness overall, while also helping hundreds of families in shelter move closer to their children’s schools—and we’ll be taking this progress even further as we continue to implement our five-year plan,” he added.

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https://ny.curbed.com/2019/6/28/19102889/nyc-homeless-shelters-families-affordable-housing

Cuomo’s to blame for Westchester’s gas crisis | Mt Kisco Real Estate

Cuomo’s to blame for Westchester’s gas crisis

State officials held hearings last week into Con Ed’s ban on new natural-gas customers in much of Westchester, but it’s the state itself that blocked new gas pipelines. What’d anyone expect?

Now, it turns out, the county’s nightmare may begin sooner than thought: When Assemblywoman Amy Paulin, who represents southern Westchester, asked Con Ed if it could delay the ban (set for March 15), the utility was frank: Supply and demand determine whether there’s enough gas, it said. So shortages could occur even beforethen.

Paulin isn’t the only one worried: “A March 15 deadline is just far too soon,” warned County Executive George Latimer. And the ban could choke an economic comeback in Westchester. “A moratorium of no new hookups would create a very chilling effect” on the “revival” in New Rochelle, Yonkers and White Plains.

Yet Con Ed has been warning for a long time now. In 2017, it tried to get the Public Service Commission to let it offer incentives to pipeline developers, who feared being denied permits — but was turned down.

The PSC denies that Con Ed came to it with any “pipeline solution,” Paulin said, but public documents show that’s not so.

Let’s face it: Even if the state forced Con Ed to sign up new customers, the utility still couldn’t deliver gas it doesn’t have.

Yet this disaster is entirely self-inflicted. To suck up to climate-change radicals, who hope to do away with all fossil-fuel-based energy, Gov. Cuomo has been slow to OK new pipelines. In response, pipeline companies have lost interest in New York.

Absent new gas supplies, businesses and residents will shun the county. No one will freeze, but Westchester faces new economic drag.

And New York City’s not far behind.

One hope: a court ruling last month that states can’t use their water-quality certification process to delay federal licensing of hydropower plants. “The scope of the ruling enhances the odds” that the Constitution pipeline will be built, notes Rob Rains of Washington Analysis. Constitution’s sponsors want the court to rule against New York efforts to block the pipeline.

Alas, anti-pipeline foes are gaining steam in New York. Last year, city Comptroller Scott Stringer bucked labor unions to denounce the plan for the Northeast Supply Enhancement pipeline, a source of natural gas that’s vital to the city’s growth. At least seven public-advocate wannabes have now joined him.

Maybe they want to send city folks fleeing, much as a dead economy has Upstaters doing. Then again, if everyone leaves, there’ll be no need for natural gas . . 

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Cuomo’s to blame for Westchester’s gas crisis

Pending sales fall for 11th straight month | Mt. Kisco Real Estate

Pending home sales declined slightly in November on an annualized basis for the eleventh straight month. The Pending Home Sales Index decreased by 0.7% from 102.1 in October to 101.4 in November, and was 7.7% below the level one year ago. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR).

According to NAR, the decline in PHSI may not fully capture the current situation, as it did not reflect the impact of recent favorable conditions mortgage rates. But the housing market has been slowing down this year due to rising mortgage rates.

The PHSI increased 2.7% and 2.8% in the Northeast and West, but decreased 2.3% and 2.7% in the Midwest and South. Year-over-year, the PHSI declined in all regions, ranging from a decline of 3.5% in the Northeast to a decrease of 12.2% in the West. NAR stated that the annual drop in the West may be explained by the growing concerns of affordability due to rapidly increasing home prices in the region.

Existing sales slightly increased in November, but builder confidence fell in December to its lowest value since May 2015 as concerns over housing affordability persist. However, NAR anticipates a solid long-term prospect for home sales, as the current home sales level matches sales in 2000 while more jobs are created now compared to the early 2000’s.

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Construction wages up 3.9% | Mt Kisco Real Estate

Construction workers building a Toll Brothers Inc. home in Boca Raton, Florida.

Construction companies have been ratcheting pay higher to find workers.

Average hourly earnings for construction workers were $30.21 in October, the Labor Department reported Friday. That represented a 3.9% increase in wages compared to a year ago, the strongest yearly gain since mid-2009.

As the housing crisis unfolded, a million and a half residential construction workers were laid off. Industry groups have complained for years that labor is too hard to find, and say that’s holding back a more robust pace of home building.

Higher pay would go a long way to solving that problem, many economists have argued, and to some extent, industry actions over the past year or so have confirmed that idea.

The $30.21 average hourly wage for construction workers is higher than the $27.11 earned by employees in manufacturing.

Annual wage increases for construction workers have increased an average of 3.3% during 2018, double the wage increases enjoyed by factory employees.

In turn, that’s helped employers lure lots more workers: the construction industry added 330,000 jobs over the past 12 months.

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https://www.marketwatch.com/story/construction-wage-gains-hit-9-year-high-as-builders-woo-workers-with-30-per-hour-pay-2018-11-02

Share of large new homes remains flat at 3.08% | Mt Kisco Real Estate

26,000 new large homes built

According to the Census Bureau’s Survey of Construction, the share of new homes started with 5,000 square feet or more of living space stood at 3.08 percent in 2017, essentially unchanged from 3.05 percent in 2016. The total number of 5,000+ square-foot homes started in absolute terms was 26,000, up from 24,000 in 2016.

In 2015, the number of 5,000+ square feet homes started was the highest since 2007, and their share of the new market was the highest since the inception of the series in 1999. In the boom year of 2006, 3.04% or 45,000 new homes started were 5,000 square feet or larger. In 2007, the share of new homes this size was 3.56%, yet the total number that year fell to 37,000. In 2008, only 20,000 such homes were started, or 3.24% of the total. From 2009 to 2012, the number of these large homes started remained well under 20,000 a year and accounted for less than 3% of all new single-family construction during this period.

A previous post discussed a recent, slight downward trend in the median and average size of new single-family homes evident in quarterly data and attributed this to an expansion in the entry-level segment. The post concludes that home size is expected to trend lower. Some growth is possible at the upper tail of the size distribution, however, even if the overall average is trending in the opposite direction.

When analyzed by the different characteristics, 80 percent of 5,000+ square feet home started in 2017 have a porch, 74 percent have a finished basement, 68 percent have a 3-or-more car garage, 63 percent have a patioand more than half (56 percent) have a community association. Fifty-eight percent of the homes have 5 bedrooms or more and 73 percent have 4 bathrooms or more.

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NY ranked 48th for voter participation in last midterms | Mt Kisco Real Estate

With just about two weeks remaining before the midterm election, early voting has begun in many states. And as is true every year, several states will see significantly better turnout than others — sometimes twice as high. And while there are numerous reasons why people don’t vote, a recent study found that one major factor is that some states make it much harder than others to cast a ballot.

New York, which does not allow people to vote early, saw 56.2 percent of voters turn out for the 2016 election, following 29 percent in the 2014 midterm election and 53.5 percent in the 2012 election, according to an analysis of election data by the nonprofit organization FairVote. FairVote is a nonprofit dedicated to reforming America’s electoral system to achieve full participation and obtain a “truly representative democracy.”

If history is any indicator, several states will see between just 25 percent and 35 percent of voters turn out. This includes Texas, which ranked dead last in the country for voter turnout in the 2014 election with a paltry 28.3 percent. Here were the worst states for voter turnout (Washington, D.C., included) in the 2014 midterm election:

51. Texas 28.3 percent
50. Indiana, 28.8 percent
49. Mississippi 28.9 percent
48. New York, 29.0 percent
47. Nevada, 29.3 percent
46. Tennessee, 29.7 percent
45. Oklahoma, 29.8 percent
44. Utah, 30.2 percent 
43. California, 30.8 percent
42. West Virginia, 32 percent

Meanwhile, some states see more than double that turnout. Maine had the highest voter turnout in the 2014 election at 58.5 percent of eligible voters. Wisconsin, Colorado, Alaska and Oregon rounded out the top five with 56.8 percent, 54.5 percent, 54.4 percent and 53.5 percent of voters casting a ballot, respectively. All except Oregon allow residents to vote up to 15 days before Election Day.Subscribe

As noted earlier, there are a variety of reasons that some states see better turnout than others. FairVote noted some of the biggest involve how competitive the races are supposed to be, the demographics of the voting population — voters tend to be older, wealthier, more educated and white — and how restrictive voting laws are.

A new study lent a lot of credence to that last factor. Researchers at Northern Illinois University, Jacksonville University and Wuhan University in China found that states are influencing who votes by either making it easier or harder to cast a ballot. They created an index and ranked each state according to the time and effort it took to vote in each presidential election from 1996 through 2016. They scrutinized the effect of more than 30 factors involving registration and voting laws.

“The study does give us some very substantive findings that we can report about the effect on voter turnout,” wrote lead author Scot Schraufnagel. “But we created this index with the idea in mind that it’s going to have a lot of interest for reasons beyond voter turnout because it helps to define an electoral climate, which might influence whether people are willing to run for public office or who is willing to run for office. There also are implications for civil rights. We know, anecdotally, states with larger African-American populations have higher ‘cost of voting’ values.”Mississippi, Virginia, Tennessee, Indiana, Texas and Michigan were ranked as the states where it’s most difficult to vote. Maine, Oregon, California and Colorado all cracked the top 10 in places where it’s easiest.

In 37 states, including three that mail ballots to all voters, along with Washington, D.C., any eligible voter can cast a ballot in person before Election Day without an excuse, according to the National Conference of State Legislatures. Colorado, Washington and Oregon use all-mail voting.

Meanwhile, 13 states, including New York, Michigan and Pennsylvania, offer no early voting and require you to provide a reason to vote by absentee ballot.

Making it easier to vote nationwide could boost election turnout by about 10 percentage points, Schraufnagel noted. This includes same-day voter registration policy, mail-in voting and, yes, early voting.

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https://patch.com/new-york/bedford/s/gjevh/here-s-how-many-people-vote-in-new-york?utm_source=alert-breakingnews&utm_medium=email&utm_term=weather&utm_campaign=alert

New home sales decline | Mt Kisco Real Estate

Contracts for new single-family home sales declined in September, as eroding affordability conditions reduced sales volume. New single-family home sales declined to a significantly lower 553,000 seasonally adjusted annual rate, a 5.5% drop from a downwardly revised 585,000 annual rate recorded in August. The sales data are produced by HUD and the Census Bureau.

The weak September estimate was the lowest annual rate since December 2016. It marks a notable retreat from the recent, modest growth trend that had been in place due to solid economic conditions and unmet demographic demand but constrained by rising construction costs due to labor access issues, building material pricing and rising regulatory costs. The drop in monthly sales volume also pushed the months’ supply number to an elevated 7.1, the highest since the summer of 2011.

Despite the softer summer and early fall numbers, total sales for the first nine months of 2019 (485,000) are 3.5% higher than the comparable total for 2017 (469,000). Nonetheless, mirroring declining sales volume for the resale market, higher interest rates, storm disruption effects, and spring and summer hikes in lumber prices have taken a toll on the nation’s building markets, even as macroeconomic conditions remain positive.

Inventory increased in September to 327,000 single-family homes for sale. September saw a notable uptick in homes not-started construction but otherwise listed for sale, rising from 57,000 in August to 64,000 in September (compared to 47,000 in September of 2017). Additionally, sales of homes not started construction were lower on a year-over-year basis (168,000 annual rate in September compared to 185,000 in September of 2017), suggesting the current soft patch is demand-side focused rather than supply-side constrained.

Median new home sales pricing has decreased over the last year as the mix of supply has adjusted. Median new home price was $320,000 in September, compared to $331,500 a year ago. Managing rising construction costs in the months ahead will be a key challenge for housing affordability as input costs increase, although recent declines in lumber prices should help.

For the first nine months of 2018 (and relative to the first nine months of 2017), new home sales were up 9.7% in the Midwest, 4.4% in the South, 3.9% in the West, and down 16.5% in the Northeast, due to tax reform-related effects and affordability concerns.

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