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Empire State homebuyers drive May sales price growth

Jun 22, 2015
Albany, NY –June 22, 2015 – The New York statewide median home selling price reached $226,500 in May, an increase of 6.2 percent compared to last May, according to the housing market report released today by the New York State Association of REALTORS. May closed sales declined by 2.6 percent compared to May 2014.
 
“While the housing market has yet to firmly settle into a sales growth trend, there are positive indicators such as the nearly 9-percent increase in the number of homes under contract and selling price gains,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “We are hopeful that this strong buyer activity signals firm footing for a strong summer market.”
 
MacKenzie noted that 2015 year-to-date sales remain 2.7-percent ahead of the 2014 pace despite the slowdown in May.
 
The May 2015 sales total of 8,231 was down 2.6 percent from the May 2014 total of 8,451. The year-to-date (Jan. 1 – May 31) sales total of 35,986 was 2.7-percent above the same period last year.
 
The May 2015 statewide median sales price was $226,500, a 6.2-percent increase from the May 2014 median of $213,200. The year-to-date (Jan. 1 – May 31) median sales price of $225,000 represents a 2.3-percent increase compared to the first five months of 2014.
 
May 2015 pending sales increased by 8.7 percent from a year ago to reach 12,267.
 
The months supply of inventory dropped 12.5 percent at the end of May to 9.1 months supply. It was at 10.4 months at the end of May 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 88,043, a decrease of 5.8 percent compared to May 2014.
 
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 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.
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Salvatore I. Prividera Jr.
Director of Communications 
518-463-0300 x208 office
sprividera@nysar.com
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