Albany, NY – Aug. 20, 2015 – Building on the first-half growth trends, the New York State housing market has posted closed sales, median price and pending sales increases in July, according to the housing market report released today by the New York State Association of REALTORS. Closed sales grew by 8.7 percent compared to last July, while pending sales were up 12.2 percent and the median sales price rose 4.1 percent.
“It’s been a summer of positive growth with most key metrics including sales, selling price and the number of homes under contract continuing on an upward trajectory,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “While we will keep an eye on the decreasing number of homes available for sale and any rise in interest rates that could slow buyer activity, there is good reason to anticipate the housing market will be strong into the fall.”
The July 2015 sales total of 12,156 was up by 8.7 percent from the July 2014 total of 11,180. The year-to-date (Jan. 1 – July 31) sales total of 59,634 stands at 5.5-percent above the same period last year.
The July 2015 statewide median sales price was $242,000, a 4.1-percent increase from the July 2014 median of $232,500. The year-to-date (Jan. 1 – July 31) median sales price of $229,900 represents a 2.6-percent increase compared to the first seven months of 2014.
July 2015 pending sales increased by 12.2 percent from a year ago to reach 12,164.
The months supply of inventory dropped 13.6 percent at the end of July to 9.5 months supply. It was at 11.0 months at the end of July 2014. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 93,761, a decrease of 5.5 percent compared to July 2014.
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.
Salvatore I. Prividera Jr.
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