January home sales spur optimistic outlook for 2019 NYS housing market

The New York State housing market showed signs of optimism to start 2019 as new listings and pending sales improved from a year ago, according to the housing market report released today by the New York State Association of REALTORS®.

New listings rose 8.2 percent from this time last year while pending sales also showed an increase of 3.9 percent from January 2018.  The Federal Reserve provided good news to home buyers as interest rates did not rise in January, which could potentially attract more buyers to the housing market in the coming months.

The median sales price continued to appreciate as the calendar turned to 2019. The statewide median sales price was $278,000 – an increase of 5.8 percent from the January 2018 median of $262,853.

January 2019 closed sales decreased by 8.0 percent from a year ago to reach 8,436. 

The months’ supply of homes for sale showed a slight climb to 5.4 months’ supply, which is up 1.9 percent from January 2018. A 6-month to 6.5-month supply is considered to be a balanced market. Inventory stood at 60,501, an increase of 1.1 percent compared to January 2018.

Across the state, Allegany County experienced the highest number of new listings in January compared to the same time last year while Franklin County saw the most closed sales.

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