ALBANY, N.Y. — New York realtors completed the sale of nearly 10,300 previously owned homes in May, up nearly 10 percent from the May 2015 total of nearly 9,400.
That’s according to the housing-market report that the New York State Association of Realtors (NYSAR) issued Wednesday.
The sales represent a 16th consecutive month of growth in the statewide housing market, NYSAR noted.
“With favorable market and economic conditions remaining in place, the Empire State’s housing market continues to gain momentum leading into the typically busy summer season,” Duncan MacKenzie, CEO of NYSAR, said in the organization’s news release. “The strong buyer activity shown by the growth in both closed and pending sales indicates that the market holds great opportunity for sellers who face decreased competition as the number of homes for sale continues to decline.”
NYSAR reported that pending sales totaled 13,990 in May up 7.6 percent from a year ago.
The statewide median sales price in May was $212,500, up 3.2 percent from 12 months ago.
The supply of homes for sale dropped 25 percent to 7.5 months’ supply at the end of May from 10 months a year ago.
NYSAR considers a 6 month to 6.5 month supply a “balanced market.” Inventory totaled 87,153 homes, a decrease of nearly 14 percent compared to May 2015, according to NYSAR.
Central New York data
Realtors in Broome County sold 122 existing homes in May, up from 121 a year ago, according to the NYSAR report. The median sales price fell nearly 13 percent to more than $97,000 from more than $111,000 a year ago.
In Jefferson County, realtors closed on 112 homes in May, down more than 2 percent from 115 a year ago, and the median sales price fell 50 percent to nearly $70,000 from $140,000 in May 2015, according to the NYSAR data.
NYSAR also reports that realtors sold 160 homes in Oneida County last month, up 10 percent from 145 in May 2015. The median sales price rose nearly 6 percent to more than $112,000 from nearly $106,000 a year ago.
Sales of previously owned homes rose nearly 14 percent to 477 in Onondaga County in May from 420 a year earlier, and the median sales price decreased 7 percent to more than $125,000 from $135,000 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