Homebuyer Activity Remains Brisk in August in New York State
Homebuyer activity remains strong in New York State and prices moved higher in the month of August, according to the housing market report released today by the New York State Association of REALTORS®. The 13,852 closed sales for the month are the third highest total in the last eight years. The median sales price rose 5.7 percent from a year ago to $280,000.
Although new listings were up 0.2 percent, overall inventory remains low and in fact, shrank 3.7 percent compared to the same month last year. Buyer demand lowered the number of days on the market by 8.8 percent year over year.
Most market fundamentals, such as inventory and interest rates, continue to change marginally and do not appear to indicate a significant short-term downturn to the housing market. The Housing Affordability Index may be a key indicator to watch in the months ahead. The Index has been trending downward, meaning fewer households can afford a median-priced home, as incomes fail to keep pace with rising housing prices.
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®.
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