New York State housing market holds on to price gains in November

The New York statewide median home sales price continues to trend on a positive note, rising sharply in November. This month’s median sales price rose 10-percent from November 2018 to $275,000. November marks the 34th consecutive month that the median sales price has topped the same month of the prior year.

 The 2018 market trends of incremental median price growth and relatively steady sales activity continued through November. Closed sales in November 2018 dropped 6.6-percent to 10,576 homes as compared to November 2017.  Year-to-date sales are trailing the same period last year by 2.3-percent

New listings were up 1.0 percent to 12,346 while the year-to-date (Jan.1 – Nov.30) number of new listings has also inched higher, rising 1.2 percent to 196,933.

November 2018 month’s supply of inventory rose marginally 1.7 percent from 5.9 months to 6.0 month’s supply. A 6 month to 6.5-month supply is considered to be a balanced market. Days on market dropped 9.1 percent to 70 days which is closely in line with the year-to-date figure of 73 days.

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