Tag Archives: Mt Kisco Homes for Sale

Slowing Fourth Quarter Sales Did Not Derail Record 2021 Housing Market | Mt Kisco Real Estate

WHITE PLAINS—Residential sales in 2021 in the counties served by OneKey MLS, Inc. reached a historic peak. This, despite a slowing of sales in the fourth quarter in all areas served by OneKey MLS with the exception of Bronx County.

Arguably, some of the slowdown can be attributed to the dearth of inventory in the counties north of New York City, while the “Bronx Tale” is more closely aligned to a return of buyers to the New York City market.

While the view of the market in terms of units sold and dollar volume is a positive one, it was a frustrating arena for many buyers who lost homes to higher bidders and for the practitioners dealing with client frustration and disappointment.

Bronx County had the largest percentage increase in residential sales at 61.4% year-over-year with 2,553 units sold as compared to 1,582 sales for 2020. Total residential sales in the counties to the north were more in line with each other with Rockland County leading the group with an increase of 19.3% (3,631 units compared to 3,044 units in 2020); Westchester, a close second at 19.1% (11,855 units compared to 9,955 units for 2020); followed by Orange County with a 16% increase (5,406 residential sales compared to 4,662 sales in 2020); Putnam experienced a 10.6% increase over 2020 (1,605 units compared to 1,451) and Sullivan County had a 9.6% increase for 2021 (1,393 compared to 1,271 in 2020).

Sales of single-family residential units increased across the board with Bronx County sales increasing an eye-opening 45.8% (716 units vs. 491 units for 2020). The median price of a single-family residence in Bronx County increased 8.5% to $575,000. The largest percentage price increase for a single-family home occurred in Sullivan County with a 25.3% increase to $244,400 from $195,000 in 2020. Notably, Westchester County, with the highest prices in the region, had the smallest percentage increase in median price for the year at 6.1% ($780,000 as compared to $735,000 in 2020) and actually experienced a slight decrease (-0.8%) in median price for the fourth quarter. This may be indicative of price increases beginning to moderate.

Orange County has seen consistent increases in the single-family median price with a year-over-year increase of 16.5% ($367,000 compared to $315,000 in 2020). Orange County single-family home sales increased by 11.2 % for the year to 4,444 units (compared to 3,996 in 2020) despite a drop of 20.7% in the fourth quarter.

In Rockland County the single-family median sale price increased 12% to $560,000 (from $500,00 in 2020) and Putnam County saw its single-family median price rise 15.8% to $440,000 (from $380,000 in 2020).

In terms of percentages, condominium, multi-family (2-4 family), and in Westchester County, co-op sales as well, all outpaced the increases in single-family units and, in most instances, the percent of median price increase. In Westchester County, where co-op sales lagged in 2020, they increased 36.3% to 2,129 units (from 1,562 in 2020). Affordability is the most prevalent reason for these choices particularly in view of the price increases in single-family dwellings. For many suburban purchasers, condos and co-ops represent a means to build equity to purchase a single-family residence.

When focusing solely on the fourth quarter residential sales numbers, they reflect a return to the more typical seasonality in the market, which disappeared in the fourth quarter of 2021. While there were significant decreases in the number of residential sales in all counties, except the Bronx, when comparing the 2021 fourth quarter to the 2020 fourth quarter sales, it is important to remember that the fourth quarter 2020 sales were fueled by a surge in buying activity in the second half of 2020 once COVID-19 restrictions were lifted. A more realistic comparison would be to the fourth quarters of 2019 and 2018, and the 2021 fourth quarter residential sales numbers were significantly higher than either of those two years.

Indicators such as days on market were down significantly in all market areas. Homes selling close to or at list price and above list price were a relatively common event. Lack of inventory continues to be a problem with no meaningful resolution on the near horizon. With the Fed tightening monetary policy it is expected that mortgage rates will begin a steady rise in 2022. However, despite these headwinds, the real estate market in the New York City and greater suburban area, including the lower Hudson Valley, have shown remarkable resiliency in the last year and a half, and we expect a strong real estate market to continue into 2022.

With the exception of the second quarter of 2020, the real estate market has been an anomaly outperforming the economy. Sales and prices have enjoyed a trajectory which is likely unsustainable going forward, however the economy of the Hudson Valley continues to improve and grow more vibrant, which bodes well for real estate. It is likely that price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term.

HGAR/OneKey® MLS 2021 Fourth Quarter Residential Real Estate Sales Report

Data provided by OneKey MLS, one of the largest Realtor subscriber-based MLS’s in the country, dedicated to servicing more than 46,310 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island.

realestateindepth.com/news/

Mortgage rates average 3.11% | Mt Kisco Real Estate

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.11 percent.

“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said Sam Khater, Freddie Mac’s Chief Economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.11 percent with an average 0.6 point for the week ending December 2, 2021, up slightly from last week when it averaged 3.10 percent. A year ago at this time, the 30-year FRM averaged 2.71 percent.
  • 15-year fixed-rate mortgage averaged 2.39 percent with an average 0.6 point, down from last week when it averaged 2.42 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49 percent with an average 0.3 point, up from last week when it averaged 2.47 percent. A year ago at this time, the 5-year ARM averaged 2.86 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Mortgage rates average 2.98% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.

“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.”

News Facts

  • 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week ending November 10, 2021, down from last week when it averaged 3.09 percent. A year ago at this time, the 30-year FRM averaged 2.84 percent.
  • 15-year fixed-rate mortgage averaged 2.27 percent with an average 0.6 point, down from last week when it averaged 2.35 percent. A year ago at this time, the 15-year FRM averaged 2.34 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.53 percent with an average 0.4 point, down slightly from last week when it averaged 2.54 percent. A year ago at this time, the 5-year ARM averaged 3.11 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Manhattan apartment sales hit a 32-year high | Mt Kisco Real Estate

More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30+ years of tracking, a new real estate market report says. According to a Douglas Elliman report published this week, there were 4,523 closed co-op and condos sales in the quarter, more than triple the same period last year and 76.5 percent higher than the same time in 2019. Even more indicative of the market turnaround following Covid-19, this quarter passed the previous sales record of 3,939 reported in the second quarter of 2007. And in its own market report, The Corcoran Group found sales volume in Manhattan topped $9.5 billion, the highest quarterly volume total ever recorded. This passes the previous record of $8.54 billion set in the second quarter of 2019.

The borough’s sales surge was driven by “rising vaccine adoption, low mortgage rates, and improving economic conditions,” as the city recovers from the pandemic, according to the report.

Compared to the condo glut the Manhattan market saw last year largely because of Covid, inventory has fallen significantly. The report sites 7,694 listings this quarter, a decline of 17.4 percent compared to the same time last year. However, inventory remains high when looking at the 10-year average for the third quarter.

Another notable figure from the report is the increase in the number of “bidding wars,” which includes properties sold above the last listing price. Manhattan’s share of bidding wars rose to 8.3 percent, its highest level in three years, but still way below the 31 percent record set in the third quarter of 2015.

“What we’re seeing right now is a catch-up,” Jonathan Miller, the real estate appraiser who authored the report, told the New York Times in an interview. “All the suburbs were booming while Manhattan was seeing sales at half the normal rate last year. Now we’re seeing this massive surge.”

A third-quarter market report from Brown Harris Stevens looked at resale apartments and how the market is favoring sellers. The average price of resale apartments rose for co-ops by 17 roughly percent and for condos by 15 percent compared to last year. Plus, according to the report, sellers received 97.4 percent of their last asking price, the highest percentage in nearly four years.

read more…

6sqft.com/manhattan

Mortgage rates average 3.02% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.02 percent.

“Mortgage rates have risen above three percent for the first time in ten weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced – and there remain many borrowers who could benefit from doing so – now is the time.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.02 percent with an average 0.7 point for the week ending June 24, 2021, up from last week when it averaged 2.93 percent. A year ago at this time, the 30-year FRM averaged 3.13 percent.
  • 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.7 point, up from last week when it averaged 2.24 percent. A year ago at this time, the 15-year FRM averaged 2.59 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.53 percent with an average 0.3 point, up slightly from last week when it averaged 2.52 percent. A year ago at this time, the 5-year ARM averaged 3.08 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Mortgage rates average 2.97% | Mt Kisco Real Estate

— Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.97 percent.

“The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment,” said Sam Khater, Freddie Mac’s Chief Economist. “Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.”

News Facts

  • 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.7 point for the week ending April 22, 2021, down from last week when it averaged 3.04 percent. A year ago at this time, the 30-year FRM averaged 3.33 percent.
  • 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.6 point, down from last week when it averaged 2.35 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.3 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 5-year ARM averaged 3.28 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Case-Shiller home prices up 9.5% | Mt Kisco Real Estate

In November, national home prices continued to rise at a fast pace, fueled by strong demand and low inventory. All 19 major markets saw double-digit growths in home prices.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 18.3% in November, following a 21.9% increase in October. It marks the fourth consecutive month of double-digit growth in home prices. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 9.5% annual gain in November, up from 8.4% in September. It is the fastest pace of home price appreciation since February 2014. Strong demand, low interest rates and tight inventory together pushed home prices to new highs amid the COVID-19 pandemic.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 12.9% in November, following a 19.3% increase in October. On a year-over-year basis, the FHFA Home Price NSA Index rose by 11.0% in November, after an increase of 10.3% in October. It confirmed rapid growth in home prices for this month.

In addition to tracking national home price changes, S&P reported home price indexes across 19 metro areas in November (Detroit metro area data was missing in November 2020 because there are not a sufficient number of records for the month of November for Detroit).

In November, all 19 metro areas reported positive home price appreciation and their annual growth rates ranged from 9.1% to 27.7%. Among all the 19 metro areas, seven metro areas exceeded the national average of 18.3%. New York, Seattle and Boston had the highest home price appreciation. New York led the way with a 27.7% increase, followed by Seattle with a 22.4% increase and Boston with a 21.9% increase.

read more…

eyeonhousing.org/2021/01/

Existing home sales up 25% | Mt Kisco Real Estate

After reaching almost 15-year high last month, existing home sales, as reported by the National Association of Realtors (NAR), declined for the first time in six months amid inventory shortage and surging prices.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 2.5% to a seasonally adjusted annual rate of 6.69 million in November. On a year-over-year basis, sales were still 25.8% higher than a year ago.

The first-time buyer share stayed at 32% in November, same as last month and a year ago. However, price gains threaten this share in the future. The November inventory level fell to record-low 1.28 million units from 1.42 million units in October and is down from 1.64 million units a year ago.

At the current sales rate, the November unsold inventory represents an all-time low 2.3-month supply, down from 2.5-month in October and 3.7-month a year ago. This low level supply of resale homes is good news for home construction.

Homes stayed on the market for an average of just 21 days in November, an all-time low, seasonally even with last month and down from 38 days a year ago. In November, 73% of homes sold were on the market for less than a month.

The November all-cash sales share was 20% of transactions, up from 19% last month but unchanged from a year ago.

Tight supply continues to push up home prices. The November median sales price of all existing homes was $310,800, up 14.6% from a year ago, representing the 105th consecutive month of year-over-year increases. The median existing condominium/co-op price of $271,400 in November was up 9.5% from a year ago.

Regionally, three of four regions saw a decline in existing home sales in November. Sales in the Northeast, Midwest and South fell 2.2%, 2.5% and 3.8% respectively from last month, while sales in the West remained unchanged. On a year-over-year basis, sales still grew by double-digit in all four regions, ranging from 24.2% in the Midwest to 27.3% in the West.

Though sales took a marginal step back in November, existing home sales have outperformed 2019 levels and housing demand is expected to remain strong due to low mortgage rates and remote-work flexibilities. However, the imbalance between housing supply and demand could hamper future sales by driving up home prices and restraining affordability.

read more…

eyeonhousing.org

Case Shiller home prices up 5.2% | Mt Kisco Real Estate

U.S. home prices posted a robust gain in August — another sign that the American housing market remains strong despite economic fallout from the coronavirus pandemic.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices climbed 5.2% in August from a year earlier, accelerating from a 4.1% gain in July. The gain was stronger than economists had expected.

Phoenix (up 9.9% from August 2019), Seattle (up 8.5%) and San Diego (7.6%) posted the biggest gains. All 19 cities in the index recorded price increases. The 20-city index excluded prices from the Detroit metropolitan area index because of delays related to pandemic at the recording office in Wayne County, which includes Detroit.

Helped by rock-bottom mortgage rates, the U.S. housing market has been a source of strength as the U.S. economy climbs back from an April-June freefall caused by the pandemic and the measures taken to contain it.

“The supply of for-sale homes, already extremely tight, has only become more constrained in recent months, and historically low mortgage rates continue to encourage many buyers to enter the market,” Matthew Speakman, economist at the real estate firm Zillow, said in a research note. “This heightened competition for the few homes on the market has placed consistent, firm pressure on home prices for months now, and there are few signs that this will relent any time soon.”

The National Association of Realtors reported last week that sales of existing shot up 9.4% in September and that the median selling price of a home climbed 15% from a year earlier to $311,800. And the Commerce Department reported that home building rose 1.9% in September on a surge in construction of single-family homes.

read more…

Homeowners will face new refinancing fee starting in September | Mt Kisco Real Estate

Borrowers who rushed in droves to capitalize on low mortgage rates are in for a new surprise.

Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, are adding a new 0.5% fee on all mortgage refinance transactions starting Sept. 1. The news comes as the rate on the 30-year-fixed mortgage is just off its all-time low at 2.96%, according to Freddie Mac.

Normally a rate this low would be a boon for homeowners looking to refinance their current mortgage and lower their monthly payment, but the extra would cost the average consumer $1,400, according to the Mortgage Bankers Association, and would eat away at some of the savings during a very uncertain economic time.

“It’s a money grab,” said Greg McBride, chief financial analyst at Bankrate.com, a personal finance website. “It’s capitalizing on refinancing volume with the idea of putting more money into the coffers of Freddie Mac and Fannie Mae.”

Huntington, N.Y.: Photo of home for sale in Huntington, New York on August 5, 2020. (Photo by Thomas A. Ferrara/Newsday RM via Getty Images)
Huntington, N.Y.: Photo of home for sale in Huntington, New York on August 5, 2020. (Photo by Thomas A. Ferrara/Newsday RM via Getty Images)

17.8 million candidates are eligible for refinancing

The new fee could affect the 17.8 million homeowners who are eligible for refinancing, according to numbers provided exclusively to Yahoo Money from BlackKnight, a mortgage and analytics data consulting firm.

On average, these Americans could save $291 a month, for a total of $5.2 billion in cumulative savings. These homeowners have at least 20% equity in their homes, a credit score of 720 or higher, and who can shave off at least 0.75 percentage points off their current mortgage rate.

Lenders have the option to pay the fee themselves rather than passing it on to the borrower, but it’s unclear if banks will do this.

You’ve got a Federal Reserve creating money that is used to buy Fannie Mae and Freddie Mac mortgage-backed securities [to] drive down mortgage rates and allow the consumer to put savings in their pockets, but then the Federal Housing Finance Authority wants to get in the pockets of these consumers and dilute a lot of the benefit of what the Federal Reserve is doing in the first place,” McBride said.

“It is really going to put a dent in the refinancing boom,” he added, “especially for borrowers who with a rate of 3.7% could refinance to 2.7%, but now will expect 3%.

read more…

https://money.yahoo.com/homeowners-will-face-new-refinancing-fee-starting-in-september-200212661.html