New York’s completed home sales fell in July, but pending sales jumped

CNY numbers were mixed 

ALBANY — New York realtors closed on the sale of 9,710 previously owned homes in July, a decline of 26.5 percent from 13,212 homes sold in July 2019, as lack of inventory slowed sales.

That’s according to the New York State Association of Realtors’ (NYSAR) July housing-market report issued Aug. 21.

However, pending sales “rocketed from 13,343 units to 18,679 homes in July — a 40 percent increase in year over year comparisons,” per NYSAR. New listings also rose 17 percent to 23,637 units versus 20,210 homes a year prior. This could portend a rise in home sales in the next couple of months.

“Healthy buyer demand and constrained supply continued to be the narrative for the New York State housing market in July,” NYSAR said.

Sales data

The July 2020 statewide median sales price was $300,000, up 3.4 percent from the July 2019 median sales price, according to the NYSAR data.

The number of homes for sale totaled 52,879 in July, a decrease of 21.3 percent compared to a year earlier.

The months’ supply of homes for sale at the end of July stood at 4.8 months, down about 16 percent compared to a year ago, per NYSAR. It was at 5.7 months at the end of July 2019. A 6-month to 6.5-month supply is considered to be a balanced market. 

Central New York data

Realtors in Onondaga County sold 380 previously owned homes in July, down about 35 percent compared to the 583 sold in the same month in 2019. The median sales price rose about 4 percent to $166,000, up from nearly $159,000 a year ago, according to the NYSAR report.

NYSAR also reports that realtors sold 118 homes in Oneida County in July, down about 40 percent compared to the 198 sold during July 2019. The median sales price increased 10 percent to nearly $145,000 from more than $131,000 a year ago.

Realtors in Broome County sold 145 existing homes in July, down about 24 percent from 190 a year prior, according to the NYSAR report. The median sales price fell 0.4 percent to $127,000 from $127,500 a year before.

In Jefferson County, realtors closed on 139 homes in July, up about 21 percent from 115 a year ago, and the median sales price of more than $170,000 was up about 5 percent from nearly $163,000 in July 2019, 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.

Data and analysis is compiled for NYSAR by Showing Time Inc.