But it immediately became clear that many lawmakers were unsure of that split. Dan Huberty laid out a version in a committee meeting Wednesday that would put 80% of the $5 billion in new sales tax revenue toward property tax relief and 20% toward school funding. In an attempt to address those concerns, state Rep. And their concerns will have to be assuaged if the legislation, a proposed constitutional amendment, is to muster the requisite two-thirds majority in both chambers before going to voters in November. Elected officials and advocacy groups on both sides of the political spectrum have criticized the idea. Click here to see his latest stories.It’s been less than a week since Texas’ top three state leaders threw their collective support behind an idea to raise the sales tax by 1 percentage point in order to lower property tax bills statewide.īut despite that powerful backing, many of the rank-and-file lawmakers who will have to bless the proposal have already indicated they’re hardly on board. Mario Marroquin covers real estate and economic development. More: New York's first state police use-of-force report omits some killings, high-profile cases More: Rochester's real estate market is crazy hot. More: When will NY distribute rent relief funds? What tenants and landlords need to know "Although rates are favorably low, these hurdles have been overwhelming to some potential buyers." "Huge wealth gains from both housing equity and the stock market have nudged up all-cash transactions, but first-time buyers who need mortgage financing are being uniquely challenged with record-high home prices and low inventory," Lawrence Yun, the national association's chief economist, said in a statement. New York saw a 1.5% month-to-month decrease in closed sales in May before jumping more than 19% in June. in June reversed a four-month trend of declining sales in the Northeast while the median sale price increased by 23.6% over June 2020. ![]() The national association said total home sales in the U.S. The growth in sales across New York was in line with findings from the National Association of Realtors, which reported total home sales in the Northeast in June increased by 2.8% after a decrease in closed sales in May. NYSAR said pending sales across the state were up 65.6% to 46,954 while closed sales increased 51.8 percent to 34,967 in the second quarter of 2021. The median sale price in Onondaga County increased to $185,000 in the second quarter of 2020.The median sale price in Broome County increased to $142,000 from $114,000 in the second quarter of 2021.The largest gain in home sales in the Hudson Valley occurred in Westchester (+60.2%), Rockland (+71.6%), Orange (+53.5%), Dutchess (+56.5%) and Greene (+42.9%) counties.All counties in the Rochester metro except for Ontario (-4.3%) saw double-digit growth in median sale price Monroe (+21.8%), Livingston (+11.7%), Orleans (+27.2%) and Wayne (+26.9%).In other areas of the state, NYSAR reported the following for the second quarter of 2021: Of the data collected by NYSAR, the only county in the state to see a decline in sales in the second quarter this year was Wyoming County, where total sales declined from 65 in the second quarter of 2020 to 62 this year. ![]() ![]() At the same time, the number of homes listed for sale in the second quarter of 2021 decreased by 21%. In New York, asking prices from January through June 2021 averaged $466,000, a 22.5% increase compared to the same period in 2020. The trade association reported buyers have paid over 99% of the asking price listed since the third quarter of 2020. But until June, the average sale price as a percent of list price has not exceeded 100% since at least 2018. There were 42,598 homes listed for sale at the end of June, a 21% drop from the year prior, according to the association.įor the first time in three years, the average buyer paid more than the asking price for homes on the market, the data showed. ![]() The New York State Association of Realtors reported the median sale price for a home reached $385,000 in June, a 28.3% increase from the same month last year, when the state was in the midst of government-mandated COVID-19 restrictions.Īn increase in demand for housing in New York combined with low inventory has meant that buyers, on average, have had less room to negotiate on price. The housing market in the Empire State reached yet another milestone in June as sale prices increased while inventory continued to remain near a record low, according to data released Thursday.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |