AgentIndustry News

New York in a week: Sept 5-9

This week's New York news relating to the real estate industry

Need news in a flash? Here’s what’s happening in your community

Freddie Mac’s Multi-Indicator Market Index (MiMi) based on June housing market activity in New York City measured four key indicators: purchase applications, payment-to-income ratios, mortgage health and employment rates. NYC scored “healthy” for purchase applications and employment, but payment-to-income scored a low 75.9, which is down 0.26 percent month-over-month. Current-on-mortgage for NYC scored an even lower 61.2.

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A new report from Trulia finds McMansions — big plots of land dotted with similarly styled homes — are losing appeal in some areas of the country. The premium drop for a McMansion home between 2012 and 2016 in New York City was 6.3 percent. As of 2016, the premium was 73.2 percent at a median price of $701,475. Compare this with 2006, when the median price of a McMansion home was $767,156, with a premium of 68 percent.

Apartment List’s latest Renter Survey studied renter satisfaction across major metros, grading factors such as affordability, crime, jobs and weather. Despite poor affordability, NYC received a B grade in overall satisfaction. Safety and crime, career opportunities, public transit and recreational activities boosted satisfaction levels.

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