New York’s closed home sales climb in July as pending sales dip

ALBANY, N.Y. — New York realtors 13,765 previously-owned homes in July, up nearly 33 percent from the 10,384 homes they sold in July 2020.

However, pending sales in July fell by nearly 13 percent, indicating that the pace of closed home sales may moderate in the coming months. 

The data comes from the New York State Association of Realtors (NYSAR)’s July housing-market report issued on Aug. 23.

Housing inventory remained tight, declining for a 21st straight month, which helped send median home prices to a record high, the association noted.

Sales data

Pending sales totaled 15,267 in July, a drop of 12.8 percent from the 17,514 pending sales in the same month in 2020, according to the NYSAR data.

The July 2021 statewide median sales price soared 33 percent to $390,000 from more than $292,500 a year ago.

The months supply of homes for sale at the end of July stood at 3.2 months, down 38 percent from 5.2 months at the end of July 2020. A 6 month to 6.5 month supply is considered to be a balanced market, NYSAR says.

The inventory of homes for sale totaled 44,025 this July, down 19.5 percent from 54,700 a year earlier.

Central New York data

Realtors in Onondaga County sold 503 previously owned homes in July, up 20 percent from 419 sold in the same month in 2020. The median sales price rose almost 13 percent to $192,000 from $170,000 a year ago, according to the NYSAR report.

The association also reports that realtors sold 199 homes in Oneida County in July, up nearly 52 percent from the 131 sold during July 2020. The median sales price increased 26 percent to more than $182,600 from nearly $145,000 a year ago.

Realtors in Broome County sold 170 existing homes in July, up nearly 12 percent from 152 a year prior, according to the NYSAR report. The median sales price rose 27.5 percent to $165,500 from nearly $130,000 a year before. 

In Jefferson County, realtors closed on 140 homes in July, down less than 3 percent from 144 a year prior, and the median sales price of $188,000 was up more than 11 percent from $169,000 a year ago, according to the NYSAR data.

All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.