New York State home sales fall short of record 3Q

ALBANY, N.Y., Oct. 20, 2017 (GLOBE NEWSWIRE) -- There were 38,445 homes sold across New York State during the 2017 third quarter, a 3.1-percent decline from the 2016 third quarter’s record total, according to the housing market report released today by the New York State Association of REALTORS ^® . The 2017 third quarter sales total is the second best on record for the period. The median sales price growth trend continued in the third quarter, posting a 5-percent increase to $261,500.

“Home sales remained strong across the Empire State through the third quarter, constrained only by the ongoing decline in the number of homes available for sale,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS ^® . “Given the positive market factors including a healthy economy and stable mortgage rates, we believe sales would have pushed higher had more homes been available to buyers.”

“Looking ahead to the fourth quarter, we expect New York State home sales to remain on track to finish near the 2016 record total and that the median sales price growth will finish the year more than 5 percent ahead of last year.”

There were 98,176 closed sales through the first nine months of 2017, a 1.7-percent increase from 2016. There were 38,445 closed sales in the 2017 third quarter, a decrease of 3.1 percent from the 2016 third quarter total of 39,693. September 2017 closed sales were 11,340, the third highest total for the month, despite a 9.8-percent decrease compared to a year ago.

The statewide median sales price through the first three quarters of the year was $250,000, a 5.5-percent increase from the same period in 2016. The third quarter statewide median sales price was $261,500, an increase of 5 percent compared to the third quarter 2016 median of $249,000. The September 2017 statewide median sales price of $257,500 represents an increase of 6 percent compared to the September 2016 median of $243,000.

Pending sales increased 2.3 percent to reach 36,687 in the 2017 third quarter compared to the 2016 third quarter total of 35,870. September 2017 pending sales (10,894) were 0.7 percent below September 2016.

The months supply of inventory dropped 8.6 percent at the end of the third quarter to 6.4 months supply. It was at 7 months at the end of the 2016 third quarter. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 71,930, a decrease of 7.7 percent compared to the 2016 third quarter.

Additional data is available at http://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 518-463-0300x208 office sprividera@nysar.com