The New York housing market generated gains in closed sales, median-sales price, and pending sales during the first quarter compared to the same period in 2012. That’s according to the New York State Association of Realtors (NYSAR).
It’s simple economics at work in the statewide housing market, Duncan MacKenzie, NYSAR CEO, said in a news release.
“As buyer demand increased and the housing supply decreased in the 2013 first quarter, the result was a nearly four-percent growth in the statewide median sales price compared to the 2012 first quarter,” MacKenzie said.
Realtors reported more than 18,000 closed sales in the first quarter, up two percent from the nearly 17,900 closed sales during same period in 2012. The quarterly sales figure increased despite a more than four percent decline in closed sales during March (6,241) compared to a year ago (6,528), according to NYSAR.
The number of homes for sale in the first quarter dropped about 20 percent compared to the first three months of 2012, NYSAR reported.
The first-quarter median sales price statewide was $218,000, up from $210,000 in the first quarter of 2012. The March 2013 median price of $220,000 represents an increase of nearly six percent compared to the March 2012 median of $208,000, according to NYSAR.
Pending home sales jumped more than 11 percent to more than 24,800 in the first quarter compared to nearly 22,300 in the year-earlier quarter. The March 2013 pending sales figure (9,951) was up about 11 percent compared to March 2012 (8,953).
“With first-quarter pending sales up 11.5 percent compared to a year ago, we continue to project a strong spring market as buyers try to avoid further price increases, while taking advantage of historically low mortgage rates,” said MacKenzie.
CNY home-sales figures
In Broome County, realtors closed 232 home sales in the first quarter, down almost 23 percent from 301 a year ago. But the median sales price rose 9.4 percent to more than $106,000.
In Onondaga County, realtors closed 720 home sales in the first quarter, up more than seven percent from 672 in the year-earlier period. The median sales price rose almost five percent to $125,500.
In Oneida County, closed home sales fell 3.5 percent to 250 in the first quarter, compared to 259 in the year-ago period. The median sales price rose jumped more than 13 percent to just over $108,000.
Albany–based NYSAR is a nonprofit trade organization representing more than 47,000 New York realtors.
Contact Reinhardt at ereinhardt@cnybj.com
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