Long Island NY home sales have fallen to their slowest pace in nine months, with sales of existing homes tumbling 4.9 percent last month.
Relatively low mortgage rates and steady job growth have not yet spurred the kind of activity from buyers or sellers, raising the possibility of either a spring rush, or another year of slack Long Island NY home sales.
Nationwide, few properties are being listed for sale, would-be-buyers are holding off, and the harsh winter weather is taking its toll on attempts to hold open houses.
Long Island NY Home Sales Expectations Not Happening
Weaker Long Island NY home sales in 2014 had set up expectations of a strong rebound in 2015, but so far, that resurgence has yet to appear. Even the addition of more new jobs over the past three months has failed to make much of an impact on overall Long Island NY home sales.
Builders haven't started ramping up any new construction either. Confidence among builders in the market for single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released recently. Any number over 50 indicates that more builders view conditions as good rather than poor.
Average mortgage rates have held well below 4 percent for weeks, which you would think bodes well for a rejuvenated housing market in the spring. But only time will tell.
Long Island NY home sales are not the only area where numbers are down. Sales slid in all four major geographical regions of the country last month: dropping 6 percent in the Northeast, 2.7 percent in the Midwest, 4.6 percent in the South and 7.1 percent in the West.
In the meantime, you can get more information about news that may affect the Long Island NY home sales market in our section on Long Island NY Real Estate to your right under Long Island NY Real Estate Categories.
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