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Empire State's housing market carries momentum into August

Sep 21, 2015

Albany, NY – Sept. 21, 2015 – New York State closed home sales, selling price and pending sales all continued to grow during August, according to the housing market report released today by the New York State Association of REALTORS®. Closed sales grew by 4.3 percent compared to last August, while the median sales price jumped 7.4 percent and pending sales were up 10.8 percent.

“As we near the close of our typically active summer season, New York State’s housing market continued to grow at a strong pace compared to last year,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “With nearly three-quarters of the year in the books, home sales are up more than 6 percent compared to 2014. The potential for mortgage rates to increase before the year’s end may help propel a strong market into the fall as buyers hope to capitalize on the lower rates still available.”

The August 2015 sales total of 12,044 was up by 4.3 percent from the August 2014 total of 11,543. The year-to-date (Jan. 1 – Aug. 31) sales total of 72,534 stands at 6.6-percent above the same period last year.

The August 2015 statewide median sales price was $252,500, a 7.4-percent increase from the August 2014 median of $235,000. The year-to-date (Jan. 1 – Aug. 31) median sales price of $231,500 represents a 2.9-percent increase compared to the first eight months of 2014. 

August 2015 pending sales increased by 10.8 percent from a year ago to reach 11,518.

The months supply of inventory dropped 14.7 percent at the end of August to 9.3 months supply. It was at 10.9 months at the end of August 2014. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 93,575, a decrease of 5.1 percent compared to August 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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