Buyer demand drives median price growth as fewer homes available for sale in New York State
Albany, NY – May 25, 2017 – Strong buyer demand, coupled with the ongoing decline in the number of homes for sale, fueled a 7.8 percent increase in the April statewide median sales price, according to the housing market report released today by the New York State Association of REALTORS. Inventory constraints also led to a 5 percent decline in home sales for the month compared to April 2016.
“As anticipated, the continued decline in the number of homes currently on the market has slowed the sales pace as many buyers are challenged to find an available home that meets their needs,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “REALTORS are reporting that buyer demand remains strong and newly listed homes are selling quickly. Basic economics are at play with high demand and low inventory driving selling prices higher.”
“As we enter the typically busy summer months, the housing market holds great opportunity for sellers as we expect strong buyer demand to continue,” said MacKenzie. “Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017.”
The April 2017 sales total of 8,495 represents a decrease of 5 percent from the April 2016 record total of 8,944.
The April 2017 statewide median sales price was $235,000, an increase of 7.8 percent from the April 2016 median of $218,000.
April 2017 pending sales declined 4 percent from a year ago to reach 12,760.
The months supply of homes for sale dropped 21.6 percent at the end of April to 5.8 months supply. It was at 7.4 months at the end of April 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 65,187, a decrease of 18.3 percent compared to April 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 53,000 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