Pending sales nearly double ALBANY, N.Y. — New York realtors sold 10,694 previously-owned homes in May, up 43.2 percent from 7,467 homes sold in the year-ago month as the housing market stayed hot. Pending sales in May went up even more, almost doubling, indicating that further large increases in closed sales are coming in in […]
Pending sales nearly double
ALBANY, N.Y. — New York realtors sold 10,694 previously-owned homes in May, up 43.2 percent from 7,467 homes sold in the year-ago month as the housing market stayed hot.
Pending sales in May went up even more, almost doubling, indicating that further large increases in closed sales are coming in in the next couple of months. That’s according to the New York State Association of Realtors (NYSAR)’s May housing-market report issued June 22.
“The housing market in the Empire State continues to surge…” NYSAR said to open its May report.
Sales data
Pending sales in New York totaled 15,775 in May, up more than 91 percent from 8,245 in May 2020, according to the NYSAR data.
Amid the rising sales, inventory remained tight, which fueled surging house prices.
The May 2021 statewide median sales price rocketed 29 percent higher to $357,000 from $276,000 a year ago.
The months supply of homes for sale at the end of May stood at 2.9 months, down from 5 months in May 2020. A 6 month to 6.5-month supply is considered to be a balanced market, NYSAR notes.
The inventory of homes for sale totaled 40,776 homes this May, down 18.5 percent from 50,038 homes in the same month a year ago.
Central New York data
The Central New York real-estate market also remained strong in May.
Realtors in Onondaga County sold 342 previously owned homes in the fifth month of the year, up 1.2 percent from the 338 they sold in May 2020. The median sales price rose 15.6 percent to $185,000 in May from $160,000 a year prior, according to the NYSAR report.
The association also reported that realtors sold 131 homes in Oneida County in May, up 3.1 percent from 127 in May 2020. The median sales price increased 25.4 percent to $175,500 from $140,000 a year earlier.
Realtors in Broome County sold 148 existing homes in May, up 31 percent from 113 a year ago, according to the NYSAR report. The median sales price rose nearly 27 percent to $145,900 from $115,000 in May 2020.
In Jefferson County, realtors closed on 128 homes in May, up 54.2 percent from 83 a year before, and the median sales price of nearly $175,000 was almost 24 percent higher than $141,500 a year prior, 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.