Albany, NY – June 26, 2017 –- (RealEstateRama) — Homebuyer demand remained strong in the Empire State during May as closed sales set a record for the month at 10,704, surpassing the record set last May by 4.6 percent, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price continued its upward climb, increasing by 7.1 percent compared to last May.
“Spring buyer activity remained strong as New Yorkers closed on a record number of homes in May,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “This is a welcome reversal after the slight dip in April sales as some buyers struggled to find their next home.”
“The first month-over-month increase in new listings since March 2016 brings good news for those still searching for their dream home,” said MacKenzie, noting the 3.2-percent increase in newly listed homes during May, compared to a year ago. “Sales in the months ahead will undoubtedly be aided by this influx of new listings. However, we are still closely watching the overall number of homes for sale, which remains well below a year ago. Continued growth in homes listed for sale will play a key role in the overall health of the summer market.”
The May 2017 sales total of 10,704 represents an increase of 4.6 percent from the May 2016 total of 10,235.
The May 2017 statewide median sales price was $239,000, an increase of 7.1 percent from the May 2016 median of $223,200.
May 2017 pending sales increased by 8.2 percent from a year ago to reach 14,710.
The months supply of homes for sale dropped 18.7 percent at the end of May to 6.1 months supply. It was at 7.5 months at the end of May 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 68,819, a decrease of 16.4 percent compared to May 2016.
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 53,000 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