New York statewide home sales remain strong in February
Albany, NY – March 21, 2018 – The New York State housing market continued to post solid numbers in February, reaching 7,328 closed sales despite a 6.2-percent decline from February 2017, according to the housing market report released today by the New York State Association of REALTORS. The February statewide median sales price of $260,000 represented an increase of 8.8 percent from a year ago.
“The ongoing decline in homes listed for sale created a headwind for New York State home sales during February,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “However, buyer demand remained high, driving sales to the third highest total for the month. Buyer competition in this low-inventory market continues to spur sales price growth.”
“As we move closer to the typically busier spring and summer months, housing market sales growth will be largely dependent on an influx of newly listed homes and residential construction gains to meet demand.”
The February 2018 sales total of 7,328, represents a decrease of 6.2 percent from the February 2017 total of 7,813.
The February 2018 statewide median sales price was $260,000, an increase of 8.8 percent from the February 2017 median of $239,000.
February 2018 pending sales were on par with last February at 9,183.
The months supply of homes for sale dropped 10.7 percent at the end of February to 5 months supply. It was at 5.6 months at the end of February 2017. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 57,082, a decrease of 9.5 percent compared to February 2017.
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