New listings, prices continue to trend upwards in October

Albany, NY – November 21, 2018 – New home listings increased 5.7 percent in the month of October from a year ago and the median sales price rose, 6.0 percent to $260,000, according to the housing market report released today by the New York State Association of REALTORS®.  The 184,328 year-to-date new listings represent the most since 2015.

In 2018, total inventory rose monthly from January until it peaked in July but has declined each month from August through October.  The number of homes for sale is still near historically low levels and is down, year-over-year, compared to 2017. down in year-over-year comparisons.  The 70,704 homes for sale in October 2018 represent a decrease of 1.3 percent from October of 2017.

The October 2018 closed sales total of 12,359 represents a decrease of 3.1 percent from the October 2017 total of 12,751. The year-to-date (Jan. 1 – Oct. 31) sales total of 109,874 units is down 2.3-percent compared to the same period last year.

The days on the market continues to decline compared to a year ago, dropping 6.8 percent to 69 days while the month’s supply remained unchanged at 6.3 months. A 6 – 6.5-month supply is considered to be a balanced market.

Rising interest rates are affecting affordability for some potential buyers. Helping mitigate the impact of higher interest rates is the strength of the overall economy including the national unemployment rate which continues to sit below 4.0 percent. 

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