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New York City house sales fall for first time since 2008

New York City house sales fall for first time since 2008

NEW YORK (Reuters) – Sales of the biggest single-family houses in New York fell last month for a sixth straight month as sellers faced rising competition from cheaper prices elsewhere and lower interest rates from Washington, New York state home builders said.

The decline in sales in October was the lowest since 2008, and the city’s numbers are still in line with those in the previous quarter, which showed a 4.7 percent decline.

The latest decline is in line the state’s 2.4 percent drop in sales over the same period last year.

The median selling price for new homes in New Jersey dropped 5.6 percent last month from the same month last year, according to data from the Real Estate Board of New Jersey.

The average price for a single-detached home in New Brunswick fell 2.3 percent.

The state’s home prices have fallen by as much as 17 percent since 2007, and a national housing slump has contributed to the slide.

New York, home to some of the nation’s most expensive real estate, saw the smallest drop in the national rate of decline since 2008.

New York is still home to more than 40 percent of all homes sold in the United States.

The housing downturn has hurt New York’s overall sales and rental market, but it has also hurt the city and state’s economy, which has shrunk by 9.5 percent since mid-2013.

The economy grew by 2.7 million jobs last year and by 3.5 million jobs in 2019, but a rebound in the economy has been hard to come by.

The economy, however, has recovered faster than the state, which also experienced a 10.4-percent decline in state tax revenue in 2018.

That’s not helping New York homeowners.

Home builders in New Hampshire, one of the country’s fastest-growing markets, reported a 7.6-percent drop in new home sales in September.

The decline in the state was the worst for a month since at least 2009.

The National Association of Realtors has said that New York is the second-worst state for home sales among the 20 most populous states.

In Washington state, where the homebuilder sector is the largest employer and is home to the largest number of homes, sales fell by 4.4% last month, according the Realtor Group.

Sales in the District fell 2 percent in October from a year earlier.

In California, which had the nation-leading number of new home starts in 2019 with more than 17,000 units, sales dropped 2.6% last year from a 7-percent increase in the same time a year before.

The city’s biggest city, San Francisco, recorded a 3.7-percent decrease in sales last month.

The city has been hit by the same economic downturn that has hit many other parts of the U.S. housing market.

Sales in California fell by 5.1 percent in 2019 from the previous year, the fourth straight month of declines.

Sales of condominiums, townhomes and single-story townhoes fell by more than 3 percent in New Mexico, the state with the third-highest number of sales in 2019.

Sales were down by 1.6 percentage points in Arizona and 3.4 percentage points across the state in California.

The New York-based Mortgage Bankers Association, which represents the countrys biggest lenders, said the downturn has led to a drop in home sales, which is bad news for people trying to make a long-term investment.

“New York has a long history of high home prices, but that history has led some of its largest lenders to lower their lending standards and sell at an increasing pace,” said Mark Hetzel, chief economist for the mortgage association.

“These are the kinds of decisions that will keep the housing market in trouble.

It is unfortunate that these lenders have now made the tough call to sell.”