New York home sales decline in February, CNY numbers mixed

ALBANY, N.Y. — New York realtors sold more than 7,300 previously owned homes in February, down 6.2 percent from the more than 7,800 homes sold a year earlier as the number of homes available for sale fell.

The number of homes for sale totaled 57,082 in February, down 9.5 percent from February 2017, according to the latest monthly housing report from the New York State Association of Realtors (NYSAR).

The “ongoing decline” in homes listed for sale created a “headwind” for New York state home sales during February, Duncan MacKenzie, CEO of NYSAR, said in the organization’s report.

“However, buyer demand remained high, driving sales to the third highest total for the month. Buyer competition in this low-inventory market continues to spur sales price growth,” said MacKenzie. “As we move closer to the typically busier spring and summer months, housing market sales growth will be largely dependent on an influx of newly listed homes and residential construction gains to meet demand.”

Sales data

The February 2018 statewide median sale price was $260,000, up 8.8 percent from the February 2017 median of $239,000, according to the NYSAR data.

Pending sales totaled 9,183 in February, down 0.2 percent compared to the same month in 2017.

The months’ supply of homes for sale dropped 10.7 percent at the end of February to 5 months’ supply. It stood at 5.6 months a year ago. A 6 month to 6.5 month supply is considered to be a balanced market.

Central New York data

Realtors in Broome County sold 80 previously owned homes in February, down 14 percent from 93 a year ago, according to the NYSAR report. The median sale price increased more than 5 percent to nearly $96,000 from $91,000 a year ago.

In Jefferson County, realtors closed on 57 homes in February, up about 4 percent from 55 a year prior, and the median sale price increased about 14 percent to more than $132,000 from over $116,000 in February 2017, according to the NYSAR data.

NYSAR also reports that realtors sold 111 homes in Oneida County last month, down about 3 percent from the 114 sold during February 2017. The median sale price rose about 4 percent to $120,000 from more than $115,000 a year ago.

Realtors in Onondaga County sold 221 previously owned homes in February, down nearly 29 percent compared to the February 2017 total of 311. The median sale price rose about 13 percent to $135,000 from $120,000 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