Message from the President, by Rosalind Burgin
My fellow members,It is an honor to
deliver my first President’s message here on the BNAR website, which is chock-full of useful information for our Association membership.
I look forward to a busy year helping people of all backgrounds achieve the dream of home ownership. In addition, I encourage you to support my theme – “Together Moving Forward” – and my charity, Eight Days of Hope.
You will see and hear much more about these initiatives as the year unfolds.
We launch the New Year with nationally recognized good news about 2023’s housing market forecast: Buffalo ranks No. 5 on the Realtor.com® 2023 Top housing markets forecast. Market areas on the list were selected because they are not only poised to see the strongest combined growth in home sales and listing prices in the coming year, but so far they’ve seen lower price increases and a relatively smaller affordability crunch than other markets across.
This year’s top 10, in rank order, are:
Hartford-West Hartford, Conn.,
El Paso, Texas,
Louisville, Ky.,
Worcester, Mass.,
Buffalo-Cheektowaga N.Y.,
Augusta-Richmond County, Ga.,
Grand Rapids-Wyoming, Mich.,
Columbia, S.C.,
Chattanooga, Tenn., and
Toledo, Ohio
Home sales across the top 10 markets are forecasted to grow by 5.2% year-over-year in 2022, whereas the national homes sale projection is for declining sales (-14.1%). Additionally, average home prices in the top 10 are expected to increase 7.3% – compared to 5.4% for the U.S. as a whole.
Buffalo-Cheektowaga et al, N.Y.
November 2022 median home price: $240,000
Forecasted 2023 home sales change: +6.3%
Forecasted 2023 home price change: +6.0%
Forecasted 2023 combined sales and price change: +12.3%
For more information, please refer to Realtor.com®’s 2023 Top housing markets forecast for the full ranking of the 100 largest U.S. markets.
Let’s make it a great year together!
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