New York State housing market thrives in October

From NYSAR:

Nov 23, 2015

Albany, NY – Nov. 23, 2015 – The 2015 New York State housing market growth trend continued into October, reaching the highest level of closed sales for the month in more than 25 years, according to the housing market report released today by the New York State Association of REALTORS. October 2015 closed sales increased nearly 2 percent to reach 11,216.

 

“New Yorkers took advantage of great housing market conditions to push the October sales total to the highest level for the month that we have seen in decades,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS, adding that October 2015 surpassed the sales totals posted for the month during the mid-2000s boom market.   

 

“The Empire State’s housing market continues to thrive in 2015 as pent-up buyer demand and low mortgage rates drive increases in both closed and pending sales,” MacKenzie said. “Through the first 10 months of 2015, New York’s home sales are 7 percent ahead of last year and the healthy number of homes under contract will help the market finish the year on a strong footing.”

 

The year-to-date (Jan. 1 – Oct. 31) sales total of 95,977 was 7.1-percent above the same period last year. The October 2015 sales total of 11,216 was up 1.9 percent from October 2014.

 

The year-to-date (Jan. 1 – Oct. 31) statewide median sales price was $230,000, which represents a 2.2-percent gain from the same period in 2014. The October median sales price was $225,000, a 2.3-percent jump compared to October 2014.

 

The months supply of homes for sale dropped 15.5 percent at the end of October to 8.7 months supply. It was at 10.3 months at the end of October 2014. A 6 month to 6.5 month supply is considered to be a balanced market. There were 88,977 homes listed for sale at the end of October, a decrease of 5.6 percent compared to October 2014.

 

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 50,000 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.