Albany –July 19, 2012 – Sales of existing single-family homes, condos and co-ops have increased by 5.3 percent in the first six months of 2012 compared to last year, according the housing market report released today by the New York State Association of REALTORS. The statewide median sales price continues to show a stabilization trend despite easing slightly from a year ago.
“With half of 2012 in the books, New York’s housing market is showing solid signs of renewed consumer confidence in housing,” said Duncan R. MacKenzie, NYSAR CEO. “With a 15-percent increase in pending sales compared to 2011, we continue to project a solid summer season, which is typically the busiest time for homebuyers in the Empire State.”
“The newly released Siena Research Institute report showing that consumer real estate sentiment reached its highest point in 10 quarters provides further reason to believe that the third quarter will be strong,” said MacKenzie.
“Additionally, we believe our housing market will be further helped by the federal five-year reauthorization of flood insurance, which will bring certainty to real estate transactions in the communities where this insurance is required for a mortgage,” MacKenzie added.
Between January 1 and June 30, 41,164 homes were sold representing an increase of 5.3 percent compared to the same period last year. Closed sales jumped 6.7 percent in the 2012 second quarter compared to the 2011 second quarter, reaching 23,421. June sales remained on par with last year at 8,865.
In addition to the 15-percent increase in year-to-date pending sales, the second quarter posted a 13.1-percent increase in pending sales compared to the 2011 second quarter. Pending sales were also up in June by nearly 5 percent compared to June 2011.
The market continues to move closer to a balance between supply and demand as indicated by the months supply of inventory decreasing by 25.2 percent to 12.2 months compared to a year ago. Inventory shrank 17.4 percent to 97,997 units in the second quarter.
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 48,000 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