 Photo by Roberto Nickson on Unsplash By Colin R. O'Leary
June 21st, 2022 The median sales price for existing-homes in the U.S. has just hit a new record. According to a recent report by the National Association of Realtors, the median sales price for existing-homes in May 2022 increased by 14.8% year-over-year, rising above $400k for the first time. While home values in the U.S. are still rising, the total number of home sales is beginning to decline. A combination of rising interest rates, inflation, supply chain issues, and low inventory are factors. The total number of homes sold in May 2022 declined by 3.4% year-over-year. Homes in the U.S. are still selling quickly. According to the report, 88% of homes sold in May were on the market for less than a month. First-time home buyers were responsible for 27% of the purchases in May. A quarter of the home sales were all-cash purchases. The median price for all housing types in the U.S. was $407,600, up from $355,000 in May 2021. The median sales price for existing homes has now risen for 123 consecutive months. This is the longest-running streak on record. Read the full report here
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Just Listed in Brooklyn! One Bed/One Bath Co-op in Clinton Hill ~ Listed by The Big City Team6/16/2022  Photo by Mark Potterton By Colin O'Leary
May 17th, 2022 The cost to construct new homes in America continues to rise. Faced with a combination of rising interest rates and shortage of listing inventory, the situation is only getting worse for home buyers. Rising mortgage costs hasn't put a damper on demand for new construction, at least not yet. The median sales price for a home in the United States continues to rise. The median sales price for a home in America is now $425,000 according to Redfin, up nearly 16% year-0ver-year. It's a challenging situation for home builders too, who are struggling to keep up with demand, while trying to turn a profit. Soaring inflation and supply chain issues hasn't helped the situation. The cost for building materials such as lumber, steel, and concrete continues to rise. According to a recent article from the National Association of Home Builders, the cost of building materials has risen 4.9% since the beginning of the year. Building materials prices are up nearly 20% year-over-year, and are up 35.6% since the start of the pandemic in 2020. Read the full article here  May 11th, 2022
Guest blog post Is this the year that you will be renovating or updating your new or existing home? Even if you love your home as it is, there’s always room for some updates and refreshers. Over time, paint gets nicked and dirty from city soot and grime, and styles change and evolve. We have been cooped up 24/7 in our apartments working from home for almost 2 years, which has created an increase in wear and tear. At the same time, there have been some amazing technological advances in the energy efficiency space, so why not incorporate those in your next renovation? Energy efficiency creates some very substantial long-term savings; maybe not enough for that retirement home on the beach that you have been dreaming about, but who would say “no” to more money in their pocket at the end of every month? Making your home energy efficient is also good for the environment. For those who live in a coop or condo, making your apartment energy efficient will also help improving that D that is posted at the building’s entrance. Read more about that here Making your home energy efficient and reducing your carbon output will also make you a hero to many and may inspire others to do the same! Here are the top 5 tips for an energy efficient home renovation from our friends at The Folson Group:
If you live in a single-family home, as opposed to a coop or condo, the options are even wider. Some of the additional single-family home Energy Efficiency options include:
We hope you found these tips useful and will help you make your home more energy efficient, save the planet, and maybe help you get that beach home! If you are on your coop or condo board, feel free to reach out to The Folson Group directly as they always want to hear what boards and buildings are working on. Their contact information is: www.thefolsongroup.com | email: info@thefolsongroup.com | (917) 648-8154 |
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