ALBANY, N.Y. — New York realtors sold more than 10,300 previously-owned homes in May, a decrease of 8.6 percent compared to the more 
than 11,300 homes sold in May 2017.
The May closed sales represent the “second highest sales total for the month,” the New York State Association of Realtors (NYSAR) said in releasing its latest housing-market report on Wednesday.
“Robust” buyer demand continues to keep homes across the Empire State selling at a “brisk pace,” despite the lower number of homes listed for sale, Duncan MacKenzie, CEO of NYSAR, said in the news release.
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“Newly listed homes are selling more quickly than a year ago as buyers faced with fewer options are eager to get to the closing table. We believe that without the headwind of lower inventory sales would be near the record-setting levels of a year ago,” said MacKenzie. “While growing sales prices may entice current owners to bring greatly needed inventory to the market, the combination of higher prices and growing mortgage rates will begin to erode affordability, potentially dampening buyer enthusiasm.”
Sales data
The May 2018 statewide median sales price was $262,000, an increase of nearly 12 percent from the May 2017 median of $235,000, according to the NYSAR data.
Pending sales totaled more than 13,600 in May, a decrease of 4.3 percent compared to the same month in 2017.
The months supply of homes for sale dropped 7.8 percent at the end of May to a 5.9 months supply. It was at 6.4 months at the end of May 2017.
A 6 month to 6.5 month supply is considered to be a balanced market.
The number of homes for sale totaled 66,682 in May, a decrease of 6.7 percent compared to May 2017.
Central New York data
Realtors in Broome County sold 136 existing homes in May, down nearly 5 percent from 143 a year ago, according to the NYSAR report. The median sales price increased nearly 8 percent to more than $115,000 from $107,000 a year ago.
Jefferson County, realtors closed on 104 homes in May, down more than 6 percent from 111 a year ago, and the median sales price decreased about 6 percent to nearly $133,000 from $142,000 in May 2017, according to the NYSAR data.
NYSAR also reports that realtors sold 152 homes in Oneida County last month, down about 13 percent compared to the 176 sold during May 2017. The median sales price rose about 6 percent to more than $124,000 from $117,000 a year ago.
Realtors in Onondaga County sold 432 previously owned homes in May, a sales decrease of about 15 percent compared to the May 2017 total of 511. The median sales price rose 10 percent to $150,000, up from nearly $136,000 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
