New York home sales rise 8 percent in August for new monthly sales “record;” CNY numbers mixed

ALBANY, N.Y. — New York realtors completed the sale of nearly 14,000 previously owned homes in August, up 8.1 percent compared to the 12,873 completed sales in August 2015.

The 13,912 closed sales in August marked a monthly record, the New York State Association of Realtors (NYSAR) said in releasing its monthly housing-market report.

The previous record was 12,938 closed sales in August 2007, NYSAR said.

“With eight months in the books, sales are more than 11 percent ahead of last year and well on the way to surpassing the 100,000-mark for the fourth consecutive year,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “The continued growth in the statewide median sales price is being driven by the steady decline in the number of homes available for sale.”

Low inventory conditions have not yet translated into a slowing of sales, but may in the future, he added.

“While mortgage rates and other market conditions are expected to remain favorable, we believe that buyers facing the challenge of fewer choices for their next home is a potential headwind for the market,” said MacKenzie.

Sales data
The year-to-date (Jan. 1 to Aug. 31) sales total of 82,791 is up 11.3 percent compared to the same period last year.

The year-to-date statewide median sales price was $235,000, an increase of 2.2 percent from the same period in 2015.

The August 2016 statewide median sales price of $257,291 was up 3.8 percent from the August 2015 median of $247,941.

August pending sales reached 13,113, up 13.1 percent compared to a year ago.

The months’ supply of inventory dropped 28.6 percent at the end of August to 7 months of supply. It stood at 9.8 months at the end of August 2015.

A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 77,933, down 20.1 percent from August 2015.

Central New York data
Realtors in Broome County sold 156 existing homes in August, down nearly 2 percent from 159 a year ago, according to the NYSAR report. The median sales price fell nearly 5 percent to more than $114,000 from $120,000 a year ago.

In Jefferson County, realtors closed on 117 homes in August, up more than 34 percent from 87 a year ago, and the median sales price fell more than 2 percent to $151,000 from more than $154,000 in August 2015, according to the NYSAR data.

NYSAR also reports that realtors sold 240 homes in Oneida County last month, up more than 33 percent from 180 in August 2015. The median sales price fell nearly 4 percent to $130,000 from $135,000 a year ago.

Sales of previously owned homes rose nearly 4 percent to 561 in Onondaga County in August from 540 a year earlier, and the median sales price rose nearly 5 percent to more than $144,000 from $138,000 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