Empire State home sales stay at elevated level during April
Albany, NY – May 24, 2018 – Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017, according to the housing market report released today by the New York State Association of REALTORS. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month.
“Home sales remain constrained by the continued decline in homes listed for sale and the inability of new home construction to fill the gap,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “However, strong buyer demand pushed April closed sales to the third-highest level on record for the month.”
“We will be keeping a close eye on affordability conditions as the combination of buyer competition driving up sales prices and mortgage rate increases may create an additional market headwind,” said MacKenzie.
The April 2018 sales total of 8,640 represents a decrease of 2.6 percent from the April 2017 total of 8,869. Year-to-date (Jan. 1 – April 30) sales were 34,225, a decrease of 2.5 percent from the same period in 2017.
The April 2018 statewide median sales price was $260,000, an increase of 11.9 percent from the April 2017 median of $232,250. The year-to-date (Jan. 1 – April 30) median sales price was $258,900, an increase of 7.9 percent from the same period in 2017.
Pending sales increased 2.8 percent in April compared to a year ago to reach 12,697.
The months supply of homes for sale dropped 11.5 percent at the end of April to 5.4 months supply. It was at 6.1 months at the end of April 2017. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 61,331, a decrease of 9.1 percent compared to April 2017.
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