Albany, NY – July 25, 2017 – (RealEstateRama) — The New York State housing market set a record high for second quarter home sales, reaching 32,444 homes sold, according to the housing market report released today by the New York State Association of REALTORS®. The second quarter statewide median sales price of $245,000 represents an increase of 6.5 percent from the 2016 second quarter.
“Homebuyers, buoyed by a healthy economy and still low mortgage rates, have set sales records for two consecutive quarters in 2017,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “Exceptionally strong buyer demand throughout the first half of 2017 has driven a nearly 3-percent growth in home sales compared to the first six months of 2016,” he said. The 2016 housing market set the current annual record for home sales in the Empire State.
“As we look ahead to the second half of the year, we continue to closely monitor the ongoing decline in the number of homes listed for sale,” said MacKenzie. “If the trend continues, we expect an impact on home sales and selling prices.”
There were 58,490 closed sales through the first six months of 2017, a 2.9-percent increase from 2016.
There were 32,444 closed sales in the 2017 second quarter, up 0.9 percent from the 2016 second quarter total of 32,141. June 2017 closed sales decreased to 12,610, a 2.7-percent reduction compared to a year ago.
The 2017 first half statewide median sales price was $244,000, a 6.1-percent increase from the same period in 2016. The second quarter statewide median sales price was $245,000, an increase of 6.5 percent compared to the second quarter 2016 median of $230,000. The June 2017 statewide median sales price of $264,000 represents an increase of 9.3 percent compared to the June 2016 median of $241,500.
Pending sales increased 2 percent to reach 41,478 in the 2017 second quarter compared to the 2016 second quarter total of 40,647. June 2017 pending sales (14,388) were up 4.5 percent compared to June 2016.
The months supply of inventory dropped 17.1 percent at the end of the second quarter to 6.3 months supply. It was at 7.6 months at the end of the 2016 second quarter. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 71,064, a decrease of 14.8 percent compared to the 2016 second quarter.
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 include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 55,000 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