Albany, NY – (RealEstateRama) — The New York State housing market started the new year on a strong note as closed sales jumped more than 13 percent compared to January 2015 to reach 7,640, according to the housing market report released today by the New York State Association of REALTORS (NYSAR). The January 2016 statewide median sales price remained unchanged compared to a year ago.
“A relatively mild winter statewide kept homebuyers from hibernating in January, extending the 2015 housing market growth trend into the new year,” said Duncan R. MacKenzie, NYSAR CEO. “In fact, this is the strongest January in at least a decade. With pending sales also jumping by more than 15 percent, we are optimistic that the growth trend will continue.”
The January 2016 sales total of 7,640, represents an increase of 13.2 percent from the January 2015 total of 6,748.
The January 2016 statewide median sales price was $235,000, unchanged from a year ago.
January 2016 pending sales increased by 15.4 percent from a year ago to reach 7,879.
The months supply of homes for sale dropped 17.9 percent at the end of January to 6.9 months supply. It was at 8.4 months at the end of January 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 72,523, a decrease of 6.6 percent compared to January 2015.
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