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Empire State housing market heats up in July

Aug 21, 2013

Albany, NY – August 21, 2013 – Driven by strong buyer activity, both closed and pending sales jumped by more than 19 percent across New York State in July compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS®. 

“The New York State housing market experienced its own July heat wave as motivated buyers snapped up homes at a brisk pace,” said Duncan R. MacKenzie, NYSAR CEO. “In fact, the market reached the highest number of July closed sales since 2007, and the highest number of July pending sales since 2005.”

“The combination of strong buyer demand and constrained inventory levels continue to drive median price gains as sellers received nearly 96 percent of their asking price in July,” said MacKenzie. He noted that July 2013 marked the 14th consecutive month of stable or rising median prices compared to the prior year. The July median of $241,947 was also the highest monthly median since February 2008.

“New York’s REALTORS® expect the statewide housing market to continue to post sales and price gains for the balance of the summer,” MacKenzie said.

The July market posted 11,121 closed sales, up 16.4 percent from the July 2012 total of 9,316. The year-to-date (Jan. 1 – July 31) sales total of 56,552 represents a 9.2-percent increase from the same period last year.

The statewide median sales price reached $241,947, an increase of 6.2 percent compared to the July 2012 median of $227,850. The year-to-date (Jan. 1 – July 31) median sales price of $225,000 represents a 7.1-percent increase from the same period last year.

Pending sales jumped 19.4 percent to 11,213 in July 2013 compared to 9,392 in July 2012.

The months supply of inventory dropped 20.8 percent in July to 10.3 months supply. It was at 13 months in July 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 92,037 units in July 2013, a decrease of 12.6 percent compared to July 2012.

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 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 47,000 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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