New York state home sales jump 17 percent in third quarter

New York state realtors sold nearly 33,000 previously owned homes in the third quarter of this year, up more than 17 percent from the same period in 2012, according to a housing-market report the New York State Association of Realtors (NYSAR) released today.

Closed home sales in September totaled nearly 9,400, up nearly 15 percent from the same month in 2012, the organization said.

The state median sales price increased 5.4 percent statewide during the third quarter, NYSAR said.

“Buyers were highly motivated by concerns about mortgage-rate hikes and available inventory, while sellers were enticed back to the market by five consecutive quarters of sales-price growth,” Duncan MacKenzie, CEO of NYSAR, said in a news release.

As available inventory “contracted” in the third quarter to levels “reminiscent of the 2005 and 2006 markets,” sellers benefited from quicker sales that closed at nearly 96 percent of the asking price, MacKenzie said.

Price increases haven’t deterred buyers in this market, he added.

The more than 31,500 pending sales in the third quarter set the “high-water mark” for any third quarter pending total since 2006, said MacKenzie.

“As many of these contracts work their way to closing, it will help fuel the fall market. However, we do anticipate that the current hectic pace of activity will begin to taper as fall turns to winter,” he said.

Year-to-date (through Sept. 30) statewide sales reached more than 78,700 homes, up 11.6 percent compared to the same period in 2012, according to NYSAR.

The 2013 third-quarter median sales price of $235,000 is 5.4 percent above the 2012 third quarter median. The September 2013 median sales price of $230,000 represents a 4.5 percent jump from the September 2012 median.

The months supply of inventory dropped 20 percent in September to 9.9 months supply, NYSAR said. It was at 12.4 months in September 2012.

A 6 month to 6.5 month supply is considered to be a balanced market, according to NYSAR. Inventory stood at 90,286 units in September 2013, a decrease of 11.2 percent from September 2012.

NYSAR also released September home-sales data for individual counties.

CNY county sales

In Broome County, realtors closed 126 home sales in September, up nearly 19 percent from 106 a year ago. The median sales price rose more than 20 percent to more than $114,000, compared to over $95,000 in September 2012.

In Onondaga County, realtors closed 402 home sales in September, up more than 16 percent from 346 in the year-earlier period. The median-sales price rose one percent to more than $134,000.

In Oneida County, closed home sales rose more than 10 percent to 150 in September, compared to 136 in the year-ago period. The median sales price edged up 0.8 percent to $121,000.

Albany–based NYSAR is a nonprofit trade organization representing more than 47,000 New York state realtors.

Contact Reinhardt at ereinhardt@cnybj.com