New York State Team
To see the effect of the coronavirus pandemic unfold on New Yorkers in real time, look no further than the Empire State s housing trends.
On one hand, a push for increased social distancing and record-low mortgage rates moved affluent people in New York City and throughout the Northeast to shop for first and second homes in less dense, more remote areas of New York.
But as buyers flooded the market, state-mandated restrictions that began in March weakened New York’s economy, particularly its service industries, resulting in mass layoffs as the COVID-19 pandemic raged on. And those service-industry workers, who are largely renters, were left to languish out of work and without the means to relocate.
Capital Region housing sales, prices jump 7% in 2020 despite COVID | The Daily Gazette
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CAPITAL REGION Home sales in the Capital Region ended the year of COVID with a boom, the local trade group for Realtors reported.
Across the region, 7% more single-family housing units were sold in 2020 than in 2019, despite the limitations on transactions created by pandemic restrictions last spring. And the median price paid was 7% higher in 2020 than in 2019, despite the economic shutdown that suspended or ended so many New Yorkers’ jobs.
Single-month statistics which can be distorted by one-time events showed an even greater jump year over year. In December 2020, there were 36% more closed sales than in December 2019, and the median price was 10% higher.
Report: Real estate sales market remains active in Capital Region troyrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from troyrecord.com Daily Mail and Mail on Sunday newspapers.
Angelys Ocana-McFarland was a bit overwhelmed, like a frazzled mom in a holiday movie.
Besides the fact that the COVID-19 pandemic has been escalating and Christmas was right around the corner, the young photographer and her husband, Christopher McFarland, have been attempting to purchase their home in the Poconos.
“If I would have known how difficult this would be, I wouldn’t have done it,” she said, jokingly.
The truth, though, is that she most certainly would have made the move from Brooklyn to Effort, Pennsylvania, a small but cozy enclave about 100 miles from Manhattan that commuters and former New Yorkers call home.
Capital Region real estate market remains strong saratogian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saratogian.com Daily Mail and Mail on Sunday newspapers.