New York realtors completed the sale of more than 11,700 previously owned homes in July, down 10.3 percent compared to the more than 13,000 completed sales in July 2015. That’s according to the housing-market report that the New York State Association of Realtors (NYSAR) recently issued. “The New York State housing market has been performing […]
New York realtors completed the sale of more than 11,700 previously owned homes in July, down 10.3 percent compared to the more than 13,000 completed sales in July 2015.
That’s according to the housing-market report that the New York State Association of Realtors (NYSAR) recently issued.
“The New York State housing market has been performing at a very high level in 2016 and July was no exception despite falling short of the exceptional 2015 July sales total,” Duncan MacKenzie, CEO of NYSAR, contended in the organization’s news release. “The 11,736 closed sales represent the third-strongest July in the past decade and through the first seven months statewide sales are 11 percent ahead of the same point in 2015,” said MacKenzie.
The “persistent” decline in the number of homes available for sale is “starting to influence” the market as evidenced by the growth in selling price and the slowing of sales, he added.
“With fewer choices available, buyers are willing to pay more when they find the right home, while many more are still waiting for their dream home to come on the market,” said MacKenzie.
Sales data
July pending sales statewide were nearly unchanged at 12,223 compared to the year-ago total of 12,254.
Year to date (through July 31), New York realtors have sold more than 68,000 homes, up 11 percent from over 61,000 homes sold in the year-ago period.
The year-to-date statewide median sales price was $234,000, up 2.6 percent from the same period in 2015.
The July 2016 statewide median sales price of $255,000 was up 8.1 percent from the July 2015 median price of $236,000.
The months’ supply of inventory dropped 27 percent at the end of July to 7.2 months’ supply. That’s down from 9.9 months’ supply a year earlier.
A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 79,818 homes, down 18 percent from July 2015.
Central New York data
Realtors in Broome County sold 160 previously owned homes in July, up 6.7 percent from 150 a year ago, according to the NYSAR report. The median sales price fell nearly 5 percent to $106,500 from $112,000 a year ago.
In Jefferson County, realtors closed on 102 homes in July, up nearly 15 percent from 89 a year ago, and the median sales price fell almost 7 percent to $140,000 from $150,000 in July 2015, according to the NYSAR data.
The association also reports that realtors sold 184 homes in Oneida County last month, down more than 16 percent from 220 in July 2015. The median sales price rose nearly 1 percent to $125,000 from $124,200 a year ago.
Sales of previously owned homes fell 16 percent to 513 in Onondaga County in July from 611 a year earlier, and the median sales price rose nearly 2 percent to $145,750 from $143,000 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