Sales of previously owned New York homes increased almost 5 percent in November as the state’s “housing-market momentum” continued.
That’s according to a monthly housing-market report that the New York State Association of Realtors (NYSAR) released Thursday.
Realtors closed nearly 8,200 sales in November, up 4.8 percent from the November 2012 total of more than 7,800. Year-to-date (through Nov. 30) closed sales reached more than 97,800, an increase of 12.5 percent from last year, NYSAR said.
November’s buyers and sellers “bucked the typical seasonal slowdown” in the statewide housing market, Duncan MacKenzie, CEO of NYSAR said in a news release.
“Looking forward, our data shows a 22.5-percent hike in pending sales so we anticipate the growth trend that began in the spring to continue through the end of 2013,” MacKenzie said.
The statewide median sales price reached $229,000, up 9 percent from the November 2012 median of $210,000.
It represents 18 straight months of year-over-year median price gains, NYSAR said.
The year-to-date median of $226,000 was about 6 percent above the $213,000 median in 2012.
Higher selling prices throughout 2013 haven’t deterred consumers, which indicates a “pent up demand” for homes, said MacKenzie.
“Sellers are making the biggest gains in this market with homes selling for 95 percent of the asking price in November, while being on the market fewer days than earlier this year,” MacKenzie said.
The monthly NYSAR survey also found pending sales jumped 22 percent to more than 8,100 in November, compared to more than 6,600 in November 2012.
The year-to-date pending-sales total of more than 106,000 is 14 percent higher than the nearly 93,000 pending sales during the same period last year, NYSAR said.
The months supply of inventory fell 21 percent in November to a nearly 9 months supply. It was at 11.3 months in November 2012.
A 6 month to 6.5 month supply is considered to be a balanced market.
Inventory stood at more than 83,000 units in November, a decrease of 10 percent compared to November 2012, according to NYSAR.
CNY county sales
In Broome County, realtors closed 99 home sales in November, down 10 percent from 110 a year ago. The median sales price fell nearly 15 percent to nearly $100,000, compared to more than $117,000 in November 2012.
In Onondaga County, realtors closed 313 home sales in November, down 14 percent from 364 in the year-earlier period. The median sales price edged down nearly 2 percent to $130,000.
In Oneida County, closed home sales fell 10 percent to 113 in November, compared to 126 in the year-ago period. The median sales price fell 12 percent to nearly $101,000.
Albany–based NYSAR is a nonprofit trade organization representing more than 47,000 New York state realtors.
Contact Reinhardt at ereinhardt@cnybj.com