August sales fall just short of 2016 record
Albany, NY – September 20, 2017 – August home sales were strong across the Empire State, setting the second-highest total on record for the month at 14,174 units, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price growth trend continued in August, posting a 6.9-percent increase compared to August 2016.
“Homebuyer enthusiasm remained strong in August, driving sales to a near record total,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “With a healthy economy and largely unchanged mortgage rates attracting buyers to the housing market, the only headwind was the low number of homes listed for sale. This month’s report, however, shows an increase in the newly listed homes, which would be a welcome trend going forward.”
“Through August, the housing market remains on track to finish near the 2016 sales record,” said MacKenzie.
The August 2017 sales total of 14,174 represents a decrease of 3.2 percent from the August 2016 total of 14,649. The year-to-date (Jan. 1 – Aug. 31) sales total of 86,050 was 2.5-percent above the same period last year.
The August 2017 statewide median sales price was $270,000, an increase of 6.9 percent from the August 2016 median of $252,500. The year-to-date (Jan. 1 – Aug. 31) statewide median sales price was $250,000, an increase of 6.4 percent from the same period in 2016.
August 2017 pending sales increased by 6 percent from a year ago to reach 13,672.
The months supply of homes for sale dropped 12.5 percent at the end of August to 6.3 months supply. It was at 7.2 months at the end of August 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 71,704, a decrease of 10.3 percent compared to August 2016.
Additional data is available at https://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 55,000 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