Sales drop yet home prices continue to rise in New York State in 3Q

Albany, NY – Third quarter closed sales dropped 3.9 percent from a year ago to 38,072 units while median sales prices rose in New York State by 5.8 percent to $275,000 according to the housing market report released today by the New York State Association of REALTORS®.  This is the fourth straight quarter that sales prices have risen.

 Mirroring the national housing market, pending sales were also down slightly by 0.8 percent from last year at this time.  Inventory levels, one of the most closely followed housing statistics, shrank 2.5 percent this quarter from a year ago to 72,288 units. Days on market were also down 10.0 percent to 63 days. With declining supply, remaining properties have sold for higher prices and are spending less time on the market, thus indicating buyers are remaining active.

Year-to-date, there have been 96,898 closed sales in the Empire State, a slight decrease of 2.8 percent from 99,703 a year ago.  New listings actually rose slightly compared to September of 2017, up 0.4 percent from 166,582 units to 167,269 units.

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