Empire State housing market stays hot in January
Albany, NY – Feb. 21, 2018 –New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the housing market report released today by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago.
“The 2017 trends of strong buyer demand and price growth carried over into January as the New York State housing market posted its second-highest sales total on record for the month,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “The other prevailing trend – fewer homes listed for sale – also continued into the new year. We believe that strong competition in a low-inventory market will drive price growth, but it may also provide a braking action to sales growth. We will also be closely watching the data for the potential impact of federal tax reform.”
The January 2018 sales total of 8,698, represents a decrease of 2.7 percent from the January 2017 total of 8,940.
The January 2018 statewide median sales price was $266,000, an increase of 8.4 percent from the January 2017 median of $245,500.
January 2018 pending sales decreased by 1.4 percent from a year ago to 8,268.
The months supply of homes for sale dropped 12.5 percent at the end of January to 4.9 months supply. It was at 5.6 months at the end of January 2017. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 56,374, a decrease of 9.7 percent compared to January 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