Albany – January 25, 2015 – (RealEstateRama) — Closed sales of residential properties in New York State grew by 8 percent in 2015 to reach 116,671, marking three consecutive years of sales exceeding the 100,000 mark, according to the annual housing market report released today by the New York State Association of REALTORS. The 2015 annual median sales price of $230,000 represents a 2.2-percent increase from 2014.
“The New York State housing market was very strong in 2015, reaching sales levels we have not seen since the boom years in the mid-2000s,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. He noted that the last time the housing market exceeded 100,000 sales for three consecutive years was 2005 to 2007. “Pent-up demand, a strong job market and low mortgage rates combined to drive sales across the Empire State. An improving economy also helped the housing market thrive in 2015.”
“Market factors that we will be closely watching in 2016 include changes in mortgage rates, higher participation by first-time buyers and government regulation. Also in 2016 NYSAR will be advocating for the passage of a first-time homebuyer savings program. This is intended to assist individuals and families who have the means to make that monthly mortgage payment but are struggling to overcome our nation-leading closing costs,” said MacKenzie.
There were 116,671 existing single-family homes sold in 2015, an increase of 8 percent from the 108,025 sold in 2014. There were 31,430 sales of existing single-family homes in the 2015 fourth quarter, an increase of 6.8 percent from 29,432 sales in the 2014 fourth quarter. The 10,237 sales in December 2015 represented an increase of 2.8 percent from December 2014.
The 2015 statewide annual median sales price was $230,000, up 2.2 percent from the $225,000 median in 2014. The fourth quarter 2015 median was $230,000, an increase of 3.1 percent from the fourth quarter 2014 median of $223,050. The December 2015 median sales price was $240,760, an increase of 7 percent from the December 2014 median of $225,000.
The months supply of inventory dropped 15.5 percent at year’s end to a 9.8 months supply. It stood at 11.6 months at the end of 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 102,045 units at the end of 2015, a decrease of 4.7 percent compared to the end of 2014.
Additional data is available at http://www.nysar.com/industry-resources/market-data
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 50,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
Salvatore I. Prividera Jr.
Director of Communications
sprividera (at) nysar (dot) com
2015 New York State housing market sales reach highest level since mid-2000s
Closed sales of residential properties in New York State grew by 8 percent in 2015 to reach 116,671, marking three consecutive years of sales exceeding the 100,000 mark. The 2015 annual median sales price of $230,000 represents a 2.2-percent increase from 2014. Click here to read more.