Low inventory holds back July home sales
Albany, NY – August 24, 2017 – July closed home sales across New York State slowed compared to a year ago to 11,556 units, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price continued its upward climb, increasing by 8.4 percent compared to last July.
“July home sales were typically strong and likely would have been higher except for the ongoing decline in the number of homes for sale,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Newly listed homes are moving quickly and multiple purchase offers are becoming more common. These conditions have driven growth in the statewide median sales price to near record levels.”
“With employment levels and consumer confidence steady, and mortgage rates still low, the housing market should remain active through the balance of the year,” said MacKenzie. “We project that sales will be near the 2016 record, but will continue to be constrained by the low number of homes listed for sale.”
The July 2017 sales total of 11,556 represents a decrease of 7.4 percent from the July 2016 total of 12,475. The year-to-date (Jan. 1 – July 31) sales total of 70,928 was 2.3-percent above the same period last year.
The July 2017 statewide median sales price was $270,000, an increase of 8.4 percent from the July 2016 median of $249,000. The year-to-date (Jan. 1 – July 31) statewide median sales price was $248,000, an increase of 6.4 percent from the same period in 2016.
July 2017 pending sales increased by 3 percent from a year ago to reach 12,568.
The months supply of homes for sale dropped 15.8 percent at the end of July to 6.4 months supply. It was at 7.6 months at the end of July 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 72,316, a decrease of 12.9 percent compared to July 2016.
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