New York state realtors completed the sale of nearly 8,500 previously owned homes in April, down 5 percent from the same month in 2016.
The New York State Association of Realtors (NYSAR) blamed the sales decline on “inventory constraints,” meaning there weren’t enough homes available to meet strong buyer demand.
A decline in the number of homes for sale, coupled with robust buyer interest, fueled a 7.8 percent increase in the April statewide median sales price, the trade association said in releasing its monthly housing report May 25.
“As anticipated, the continued decline in the number of homes currently on the market has slowed the sales pace as many buyers are challenged to find an available home that meets their needs,” Duncan MacKenzie, CEO of NYSAR, said in the release. “Realtors are reporting that buyer demand remains strong and newly listed homes are selling quickly. Basic economics are at play with high demand and low inventory driving selling prices higher.”
With the “typically busy” summer months approaching, MacKenzie noted that the housing market holds “great opportunity” for sellers as NYSAR expects “strong buyer demand to continue.”
But he expects those same dynamics to crimp home-sales numbers.
“Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017,” said MacKenzie.
The months’ supply of homes for sale dropped 21.6 percent to 5.8 months’ of supply as of the end of April from 7.4 months at the end of April 2016.
A 6 month to 6.5 month supply is considered to be a balanced market, NYSAR says. Inventory stood at 65,187 homes, a decrease of 18.3 percent compared to April 2016.
Central New York data
Realtors in Broome County sold 110 existing homes in April, down nearly 3 percent from 113 a year ago, according to the NYSAR report. However, the median sales price rose more than 6 percent to $112,000 from $105,000 a year ago.
In Jefferson County, realtors closed on 62 homes in April, up 5 percent from 59 a year ago, but the median sales price fell nearly 4 percent to more than $132,000 from over $137,000 in April 2016, according to the NYSAR data.
NYSAR reports that realtors sold 112 homes in Oneida County last month, the same amount as they sold in April 2016. The median sales price jumped more than 12 percent to nearly $109,000 from almost $97,000 a year ago.
Realtors in Onondaga County sold 364 previously owned homes in April, almost unchanged from 363 homes a year ago. The median sales price edged up 1.6 percent to $130,000 from $128,000 a year ago, according to the NYSAR report.
In the full 16-county Central New York region, realtors sold 1,106 homes in April, down 0.7 percent from the 1,114 homes they sold in the year-earlier period.
All home-sales data is compiled from multiple-listing services in New York state and they include townhomes and condominiums in addition to existing single-family homes, according to NYSAR.