Central New York Housing News

Onondaga County named most affordable place in New York!

With a cost of living about 18 percent below the U.S. average, according to Sperling's BestPlaces, Syracuse is an affordable city. While its population shrank slightly in the past 10 years, according to 2010 U.S. Census data, other areas in the county have grown, including Pompey, Cicero, and Lysander. Upstate University Health System and Syracuse University are among the area's major employers, according to the county website.

Syracuse tops list of most affordable major housing markets; nationwide housing affordability rises to record level

Nationwide housing affordability during the first quarter of 2011 rose to its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.

REALTORS Fighting for Affordable, Accessible Mortgages

Congress is discussing changes to the Federal Housing Administration that could have a significant impact on home buyers, sellers, and the future of the real estate market here in Central New York. Some of these proposed changes would raise the minimum down payment for FHA-insured mortgages to 5 percent, as well as allow FHA loan limits to revert to 115 percent of a county's median home price.

Fixed Mortgage Rates Continue to Find New Lows

MCLEAN, Va., May 26, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows slower economic activity pushing fixed-rate mortgages slightly lower for the sixth consecutive week. The 30-year averaged 4.60 percent; the 15-year averaged 3.78 percent, marking new lows for 2011.

News Facts

A Primer on Buying a Home

The home-buying and mortgage-application process is often considered complicated and challenging. But with a little planning, it doesn't have to be as scary or confusing.

Six Gains in Past Nine Months!

Existing-home sales slipped in April, although the market has managed six gains in the past nine months, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in April and May of 2010 in response to the home buyer tax credit

Economy, Affordability to Drive Home Sales Growth

Home sales are on track to outperform last year, even though the market doesn't have the benefit of the home buyer tax credit. This is thanks to sustained economic growth, the slowly recovering jobs picture, and historically high affordability conditions, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 REALTORS® Midyear Legislative Meetings.

Nationwide Open House Weekend - June 4-5, 2011 - You're Invited!

Join the Greater Syracuse Association of REALTORS® as we participate in Nationwide Open House Weekend, June 4-5, 2011! It's an exciting time of the year; don't miss out on this golden opportunity!

Find out:

* How you can find your dream home at the right price;
* How to sell your existing home without further delay/stress;
* Why it's so crucial to have a REALTOR® helping you through the home buying/selling process!

New York State consumers sense improved housing market, optimistic about future

According to the Siena Research Institute and New York State Association of REALTORE Consumer Real Estate Sentiment Scores for the first quarter of 2011, consumers in the Empire State see now as a poor time to sell with a score significantly below breakeven at -36.7 but as a very good time to buy with a high positive score of 31.4.  Still, both the current sell and buy have moved in the direction of a thriving market.

U.S. Commerce Department: New home sales up in March for the Northeast

Sales of new single-family houses in the Northeast in March were up 66.7 percent to a seasonally adjusted rate of 30,000, according to a release by the U.S. Commerce Department. February's annual rate was 18,000.

Nationally, new home sales were at a seasonally adjusted annual rate of 300,000 for March. This is 11.1 percent above the revised February rate of 270,000 and is 21.9 percent below the March 2010 total of 384,000.

According to NYSAR, New York REALTORS sold 4,989 existing single-family homes in New York State in March, a 22-percent increase from February.