Albany –June 21, 2012 – With its May housing market report, the New York State Association of REALTORS is officially launching a new, more comprehensive look at activity in the Empire State. The new report includes key metrics such as new listings, pending sales, days on market and months supply in addition to the number of closed sales and median sales price data previously released by the association.
“While closed sales and median prices are key market metrics, New York’s REALTORS now have the resources to provide a more comprehensive monthly and quarterly snapshot of the housing market,” said Duncan MacKenzie. “In addition to the print report, a video summary of monthly housing activity will be available on our website NYSAR.com.”
The May housing sales total of 7,889 was up nearly 12 percent compared to May 2011, and through the first five months of the year the sales total of 32,192, reflects a nearly 6-percent increase from 2011. While statewide median sales price fell by 1 percent from May 2011 to $208,000, sellers received 94.5 percent of their listing price in May.
“The overall housing market in New York State continues to show signs of improvement,” said MacKenzie. “We are encouraged that the typically busy summer months will be strong as indicated by this May’s 13-percent jump in pending sales over last year.”
The market is moving closer to a balance between supply and demand as indicated by the months supply of inventory decreasing by 21.5 percent to 12.4 months. Inventory shrank 12.8 percent to 100,045 units in May, the 11th consecutive month of year-over-year declines.
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