ALBANY, N.Y. — New York realtors sold more than 12,400 previously owned homes in July, down about 1 percent from over 12,500 homes sold in July 2017, according to a new industry trade group report. Some indicators are pointing to a cooldown in the housing market.
“Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present,” the New York State Association of Realtors (NYSAR) said in its July housing-market report. “Wages are up, but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets.”
Sales data
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The July 2018 statewide median sales price was $285,000, up nearly 10 percent from the July 2017 median of $260,000, according to the NYSAR data.
Pending sales totaled more than 12,800 homes in July, up 4.3 percent from the same month in 2017.
The months’ supply of homes for sale dropped 4.5 percent at the end of July to a 6.4 months’ supply. It stood at 6.7 months at the end of July 2017. A 6 month to 6.5 month supply is considered to be a balanced market, NYSAR said.
The number of homes for sale totaled 72,015 in July, a decrease of 4.4 percent compared to July 2017.
Central New York data
Realtors in Broome County sold 175 existing homes in July, up about 4 percent from 168 a year ago, according to the NYSAR report. The median sales price increased more than 3 percent to nearly $124,000 from $120,000 a year ago.
In Jefferson County, realtors closed on 111 homes in July, down about 1 percent from 112 a year ago, and the median sales price dipped 0.4 percent to $137,000 from $137,500 in July 2017, according to the NYSAR data.
NYSAR also reports that realtors sold 187 homes in Oneida County last month, up about 7 percent compared to the 175 they sold during July 2017. The median sales price fell about 7 percent to $130,000 from nearly $140,000 a year ago.
Realtors in Onondaga County sold 481 previously owned homes in July, a sales decrease of about 14 percent compared to the July 2017 total of 560. The median sales price fell 0.4 percent to $145,610, down from more than $146,000 a year ago, according to the NYSAR report.
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.
Contact Reinhardt at ereinhardt@cnybj.com
