New York

Market intelligence, compliance regulations, and licensing requirements with source and freshness context.

Closing Model

Attorney Involved

Contracts

Varies by transaction

Avg Timeline

~60 Days

Renewal

22 CE Hrs / 2 Yrs

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Market Pulse

Median Home Price

$811,1556.1% YoY

vs. $648,250 previous

Days on Market

108

vs. 97 previous

Inventory

5.1 mos

vs. 4.6 mos previous

Status

Current

Review cadence: monthly

Data effective Apr 14, 2026

Economic Context

Macro Indicator	Current Value	Previous
Unemployment Rate	4.6%	—
Median Household Income	$84,578	—

Source: connector_state_baseline

Effective: Jul 24, 2026

Mortgage Climate

30-Year Fixed

Residential

6.73%

Source: seed

Updated: weekly

As of: Apr 9, 2026

15-Year Fixed

Residential

5.98%

Source: seed

Updated: weekly

As of: Apr 9, 2026

5/1 ARM

Residential

6.35%

Source: seed

Updated: weekly

As of: Apr 9, 2026

7/1 ARM

Residential

6.48%

Source: seed

Updated: weekly

As of: Apr 9, 2026

FHA

Residential

6.45%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Residential

6.15%

Source: seed

Updated: weekly

As of: Apr 9, 2026

USDA

Residential

6.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Jumbo

Residential

6.92%

Source: seed

Updated: weekly

As of: Apr 9, 2026

HELOC

Residential

8.5%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Reverse Mortgage

Residential

6.99%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Home Equity Loan

Residential

8.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Renovation/203k

Residential

7.1%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Non-QM

Residential

7.85%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Hard Money (Residential)

Residential

11.5%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Interest-Only

Residential

7.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

5/1 ARM

Residential

6.06%

Source: Freddie Mac PMMS ARM

Updated: weekly

As of: Nov 10, 2022

15-Year Fixed

Residential

6.6%

Source: Freddie Mac PMMS

Updated: weekly

As of: Oct 29, 2026

30-Year Fixed (Conforming)

Residential

7.13%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

Jumbo 30-Year Fixed

Residential

7.048%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

FHA 30-Year Fixed

Residential

6.959%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

VA 30-Year Fixed

Residential

6.765%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

Rate data effective Nov 2, 2026

Contract Practices

Asset Family	Contract Standardization	Disclosure Layer	Closing Model
Single-Family Detached Residential 1-4	Standardized forms	Property Condition, Agency/Disclosure Notice, Fair Housing, HOA If Applicable, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Condominium / Co-op Residential 1-4	Standardized forms	Association/Condo Docs, Budgets/Fees, Property Condition, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Townhome / PUD Residential 1-4	Standardized forms	HOA/PUD Docs, Assessments, Property Condition, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Duplex / Triplex / Fourplex Residential 1-4	Standardized forms	Property Condition, Rent Rolls, Existing Leases, Deposits, Fair Housing	Attorney Or Title/Escrow Depending On State/Local Practice
Manufactured / Modular Home Residential 1-4	Standardized forms	Real Vs Personal Property Status, Title/Serial Info, Community Rules, Property Condition	Attorney Or Title/Escrow Plus DMV/Title Agency Issues Where Applicable
Residential Lease Residential Leasing	Standardized forms	Landlord Tenant Disclosures, Fair Housing, Lead Based Paint If Applicable, Local Notice Requirements	Usually Broker/Landlord Operational Workflow, Not Title Closing
Apartment / Multifamily 5+ Multifamily	Custom (attorney required)	Tenant Estoppels, Service Contracts, Rent Roll, Regulatory/Affordable Housing Docs If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Office Commercial	Custom (attorney required)	Tenant Leases, Estoppels, Service Contracts, Zoning/Use Diligence	Attorney Or Title/Escrow Depending On State/Local Practice
Retail Commercial	Custom (attorney required)	Tenant Estoppels, CAM Reconciliations, Use/Exclusive Provisions	Attorney Or Title/Escrow Depending On State/Local Practice
Industrial / Warehouse / Flex Commercial	Custom (attorney required)	Environmental Diligence, Dock/Yard Use, Access/Easements, Tenant Estoppels If Occupied	Attorney Or Title/Escrow Depending On State/Local Practice
Mixed-Use Commercial	Custom (attorney required)	Residential + Commercial Overlays, Tenant Estoppels, Association/Shared Area Docs	Attorney Or Title/Escrow Depending On State/Local Practice
Land / Development Site Land & Development	Custom (attorney required)	Survey, Title, Zoning/Entitlement, Access, Environmental, Mineral/Water Rights As Relevant	Attorney Or Title/Escrow Depending On State/Local Practice
Hospitality / Hotel / Motel / Resort Hospitality	Custom (attorney required)	Franchise/Management Agreements, Licenses, PIP/Brand Issues, Operational Contracts	Attorney Or Title/Escrow Depending On State/Local Practice
Self-Storage / Specialty Specialty Commercial	Custom (attorney required)	Operational Contracts, Licensing/Permit Docs Where Applicable, Environmental/Site Issues	Attorney Or Title/Escrow Depending On State/Local Practice
Farm / Ranch / Agricultural Land & Ag	Custom (attorney required)	Water/Mineral Rights, Access, Ag Valuation/Tax Status, Improvements/Equipment, Environmental/Flood	Attorney Or Title/Escrow Depending On State/Local Practice

Regulatory Updates

NYC Local Law 144 — AI Bias Audit Updates

ai_regulationBill: NYC Local Law 144 Amendment

NYC updated requirements for automated employment and tenant decision tools (AEDTs). Organizations using AI for tenant screening in NYC must conduct annual independent bias audits, publish audit results, and notify applicants of AI use. Penalties for non-compliance increased.

Impact: high

Effective: Jul 1, 2025Read official bill text

Good Cause Eviction Law — Statewide Expansion

landlord_tenantBill: S3082/A4454

New York expanded good cause eviction protections statewide per the Housing Stability and Tenant Protection Act amendments. Limits rent increases and requires just cause for tenant removal in most residential properties. Exemptions exist for smaller landlords and certain property types. Agents advising landlord clients must understand the framework.

Impact: high

Effective: Jun 15, 2025Read official bill text

Updated DOS Agency Disclosure Requirements

disclosureBill: 19 NYCRR 175.7

DOS updated the agency disclosure form to include clearer language about dual agency, designated sales agents, buyer/seller representation, and the impact of NAR settlement changes on compensation. New form must be provided at or before the first substantive contact.

Impact: medium

Effective: Mar 1, 2025Read official bill text

State Rules & Customary Notes

Disclosures

Property Condition Disclosure Act ($500 credit if not provided)

Closing Logistics

Attorney required for closing

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Frequently asked questions

Does New York require an attorney for real estate closings?

Yes. New York customarily or legally involves attorneys in real estate closings. Attorney required for closing

Does New York use standardized real estate contract forms?

New York does not mandate promulgated forms statewide; contract practices vary by transaction type.

How many continuing-education hours do New York real estate agents need?

New York requires 22 continuing-education hours per 2-year renewal period, with a renewal fee of $55.00. Must include 3 hours Fair Housing, 2 hours Agency, 1 hour Ethics

How long does closing take in New York?

A typical New York real estate closing takes about 60 days from contract to close, though financing, inspections, and title work can shift the timeline.