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» VISIT US ONLINE @ DSNEWS.COM 81 "As anticipated, the continued decline in the number of homes currently on the market has slowed the sales pace, as many buyers are challenged to find an available home that meets their needs," said Duncan MacKenzie, CEO of NYSAR. "Realtors are reporting that buyer demand remains strong and newly listed homes are selling quickly. Basic economics are at play, with high demand and low inventory driving selling prices higher." In other words, New York state in April was as much a seller's market as anywhere. MacKenzie said that as the market heads into what looks to be typically busy summer months, the housing market "holds great opportunity for sellers. Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017." Like the national market, New York's April market had its pockets of hot and cold activity. While statewide new listings declined over the year by 11 percent (as did affordability), new listings dropped by more than 30 percent in Greene, Cortland, and Clinton counties. On the other hand, new listings rose in seven counties. Lewis County saw an 18.4 percent rise in new listings last month; Kings and Tompkins counties each saw a 17 percent rise. e April sales total of 8,495 represents a decrease of 5 percent from the April 2016 total of 8,944—a record for the month. April's pending sales declined 4 percent from a year ago to reach 12,760. Meanwhile, the months' supply of homes for sale dropped 21.6 percent at the end of April to 5.8 months' supply, just shy of what is considered a normal, healthy supply. Inventory was at 7.4 months at the end of April 2016. NEW YORK Four Years in the Making, NY Sandy Victims Rebuild A recent report by the New York Daily News examined the success of the city's Built it Back program, which restores homes de- stroyed by Hurricane Sandy. According to the paper, the program has had its highs and lows, with almost three-quarters of construction complete to date but a highdrop out rate. As of May 30, the city completed 3,771 homes, closing out 73 percent of all builds on its docket. is is a significant uptick from the year before, which saw only 33 percent of homes completed. However, during this yearlong period, 466 homeowners dropped out of the program. e program originally relied on $1.7 billion of federal funds but recently received a boost of $500 million in HUD funding. Part of the funds for the Build it Back Program go to elevate the homes so that they are better protected against future flooding; however, the paper noted that this has led to discontent among some homeowners who expected to have their original floor plans followed. Due to the elevation requirement, some homeowners have lost basement space, but these homes now have greater resale value. Other complaints lobbed toward the program include higher-than-expected out-of-pocket expenses, slow build times, a confusing pa- perwork process, and comparisons to other programs that offer new builds. "ese are families that have really emptied out their life savings to make ends meet and they are literally one emergency away from losing everything. So offering them a smaller amount of money when they're eligible for a complete home build is outrageous and unacceptable," said Staten Island Borough President James Otto to the paper. However, program proponents credit Build it Back with being able to move back into their neighborhoods and resume their daily lives. "I think this was one of the greatest gifts I've ever gotten, to be honest," said homeowner Joy Gill, who received a new, elevated home from the program. PENNSYLVANIA ValuAmerica Expands Footprint With Acquisition of ValuEscrow Pittsburgh-based ValuAmerica of Clayton Holdings LLC and national provider of ap- praisal, title, closing, and settlement services, announced that it has acquired ValuEscrow, Inc., an independent escrow company located in Santa Ana, California, expanding its closing and escrow operations. "At ValuAmerica, expanding our opera- tional footprint is integral to achieving our long-term success," said Shawn Murphy, EVP of ValuAmerica said. "is transaction will further enhance ValuAmerica's ability to serve our national clients in the country's largest real estate market." Founded in 2013, ValuEscrow provides loan closing and escrow services to Real- tors, lenders, and title companies statewide. e company will continue to operate with its current staff and under its own brand and license. No other terms of the transaction were announced. The percentage of increase of sales across the state in the second quarter year-over-year. Meanwhile, new listings dropped 8 percent from the previous quarter. Source: 2017 survey by the Pennsylvania Association of Realtors conducted by The Welcome Home STAT INSIGHT 10% of New York home values have increased in 2017 and are predicted to rise 3.2 percent by 2018. Source: Zillow Home Value Index through April 30, 2017 STAT INSIGHT 9.9%

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