Albany, NY – July 22, 2013 – (RealEstateRama) — The New York State housing market posted strong numbers through the first six months of 2013 with expansions in closed sales, median sales price and pending sales compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS.
“As we reach the mid-point of the year, REALTORS are reporting a very active statewide market,” said Duncan R. MacKenzie, NYSAR CEO. “Buyers are snapping up available inventory, while trying to lock into the lowest possible mortgage rate. Meanwhile, healthy sales price increases are turning previously on-the-sidelines homeowners into home sellers.”
“While we are seeing an upward trend in new listings, those gains are being outpaced by sales,” said MacKenzie, noting that inventory constraints could have a braking effect on sales in the second half of 2013. “Given the increase in pending sales as we close the books on the first half of 2013, we expect to have a strong summer housing market across New York State.”
Year-to-date statewide sales (Jan. 1 – June 30) were up 5.5 percent compared to the same period in 2012, reaching 44,776. There were 25,809 closed sales in the 2013 second quarter, up 5.8 percent from the 2012 total of 24,393. Closed sales in June 2013 were on par with June 2012 at 9,465.
The year-to-date (Jan. 1 – June 30) statewide median sales price of $220,000 represents a 5.8-percent increase from the same period a year ago. The 2013 second quarter median of $225,000 is 9.2-percent above the 2012 second quarter median. The June 2013 median sales price of $242,475 represents an 11.7-percent jump from the June 2012 median.
Pending sales were up 14.2 percent through the first six months of 2013 to reach 58,794, driven in part by the 19.5-percent jump in second quarter 2013 pending sales. June 2013 pending sales were nearly 18 percent above June of 2012.
The months supply of inventory dropped 22.7 percent by the end of June to 10.2 months supply. It was at 13.2 months at the end of June 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 90,274, a decrease of 14.1 percent compared the end of June 2012.
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 47,000 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.
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Salvatore I. Prividera Jr.
Director of Communications
518-463-0300×208 office
sprividera (at) nysar (dot) com
