New York closed home sales fell in August, but listings and pending sales jumped

ALBANY, N.Y. — New York realtors closed on the sale of 12,006 previously owned homes in August, down nearly 15 percent from 14,079 homes sold in August 2019 as the inventory of homes remained constrained.

That’s according to the New York State Association of Realtors (NYSAR)’s August housing-market report issued Sept. 22.

The number of homes for sale in the Empire State fell almost 21 percent to 52,595 in August from 66,426 a year ago.

However, the report contained signs of improving numbers as pending sales soared more than 40 percent in August to 17,913 from 12,753 a year ago. And new listings rose 17.6 percent to 21,408 from 18,207 in August 2019.

Home prices moved higher as the median sales price in New York was up 7.7 percent to $309,175 from $287,000 a year earlier.

The months’ supply of inventory in the state fell 19 percent to 4.6 months. It stood at 5.7 months at the end of August 2019. A 6-month to 6.5-month supply is considered to be a balanced market, per NYSAR.

“As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term,” NYSAR said in its report.

Central New York data

Realtors in Onondaga County sold 512 previously owned homes in August, down 6 percent from 546 in the same month in 2019. The median sales price rose 14 percent to $182,000 from $159,540 a year ago, according to the NYSAR report.

NYSAR also reports that realtors sold 163 homes in Oneida County in August, down 25 percent compared to the 218 sold in August 2019. The median sales price increased 17.5 percent to $161,000 from $137,000 a year prior.

Realtors in Broome County sold 190 existing homes in August, up more than 7 percent from 177 a year ago, according to the NYSAR report. The median sales price rose 1 percent to more than $135,000 from nearly $134,000 a year ago.

In Jefferson County, realtors closed on 142 homes in August, up about 19 percent from 119 in August 2019, and the median sales price of $181,000 was up13 percent from $160,000 a year earlier, 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.