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August 2018 Monthly Housing Market Report 
from the New York State Association of REALTORS
®, Inc. 

Albany, NY – August 20, 2018 - 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 (page 10 of the report) 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.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

StatsInfographic August 2018 edit
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