Sep 19, 2013
Albany, NY – September 19, 2013 – Robust buyer activity continued to drive the summer housing market across New York State during August with gains being posted in closed sales, median price and pending sales, according to the housing market report released today by the New York State Association of REALTORS.
The New York State August closed sales total rose 8.6 percent compared to August 2012, while the median price climbed 10 percent and pending sales jumped nearly 16 percent.
“Homebuyers have clearly decided that the summer of 2013 was a great time to purchase a home in New York,” said Duncan R. MacKenzie, NYSAR CEO. “With one eye on mortgage rates and the other on available inventory, motivated buyers signed contracts at a brisk pace, pushing the pending sales count to the highest August total since 2006.”
“Tight inventory levels continued to spur statewide price gains as sellers exercised their growing leverage in negotiations,” said MacKenzie. “As a result, the August statewide median of $242,000 became the highest median price for any month since February 2008.” He added that the statewide market has posted its 15th consecutive month of steady or rising statewide median sales prices, while inventory reached its lowest level in August since 2005.
“While the summer months tend to be the busiest in our seasonal market, New York’s REALTORS project that the current housing market trends will continue into the fall,” said MacKenzie.
The August market posted 11,519 closed sales, up 8.6 percent from the August 2012 total of 10,607. The year-to-date (Jan. 1 – Aug. 31) sales total of 68,660 represents a 10.1-percent increase from the same period last year.
The statewide median sales price reached $242,000, an increase of 10 percent compared to the August 2012 median of $220,000. The year-to-date (Jan. 1 – Aug. 31) median sales price of $226,500 represents a 6.3-percent increase from the same period last year.
Pending sales reached 11,099, an increase of 15.9 percent compared to the August 2012 total of 9,577.
The months supply of inventory dropped 21.9 percent in August to 10 months supply. It was at 12.8 months in August 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 90,890 units in August 2013, a decrease of 12.5 percent compared to August 2012.
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 now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 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.
