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REAL ESTATE: Improving Housing Market    March 6, 2013, 11:30 am

New York Real Estate Attorney:  Following the NYC Real Estate market

Lately we’ve been seeing various economic indicators pointing to the fact that the housing market is recovering.  On Tuesdays, two pieces of data were released which continue to point to a still weak economic rebound.  New-home sale increased in January compared to the prior month, and is currently at the highest level in the past four and a half years.   This is primarily driven by continued job creation and record low interest rates.  A separate release showed that single family home prices picked up in December, and 2012 turned out the biggest annual price gain in more than six years.   In December, Case Shiller composite index of 20 metropolitan areas increased 0.9%, which was above expectations of gain of only 0.5%.  This is all great news given the amount of homes that are still under water and the lagging housing market that we witnessed during the credit crunch. 

A positive note for sellers and buyers, as well as New York Real Estate attorneys, has been the New York market trend reported on  Their research shows that the number of sales has increased 24.6% year over year to 1,206 sales in New York City, at the average price per sq foot (which is also up 3.4% year over year) of $1,295.  

Tatyana Agarunov