New York state home sales, prices rise in May

New York state realtors posted more than 8,500 closed home sales in May, up 1.9 percent from the May 2012 total of more than 8,300.

 

That’s according to data the New York State Association of Realtors (NYSAR) released on Thursday.

 

The year-to-date (Jan. 1 to May 31) sales total of nearly 34,800 represents a 5.4 percent increase from the same period last year, according to NYSAR.

 

The buyer activity, described as “robust” across New York in May, also led to a jump in housing prices. The statewide median sales price reached $224,000, up 12 percent from the May 2012 median price of $200,000, NYSAR reported.

 

The year-to-date (Jan. 1 to May 31) median sales price of $218,050 represents a 6.4 percent increase from the same period last year, according to the trade organization.

 

“Strong buyer demand coupled with a tighter supply of homes has helped drive the statewide median sales price up for the seventh consecutive month,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “Sellers received, on average, slightly more than 95 percent of their asking price in May, which is the highest mark in nearly three years.”

 

The trends have “grabbed the attention” of hesitant sellers, who are now more confident that it’s the right time to sell their homes, MacKenzie said.

 

 “The new inventory coming on the market now will help fuel sales during what we expect to be an active summer market,” MacKenzie said.

 

In addition, pending sales jumped 24 percent to more than 12,300 in New York state in May, compared to more than 9,900 in May 2012, according to NYSAR.

 

The months supply of inventory dropped 24 percent in May to a 10 month supply of homes. The market stood at 13.2 months of supply in May 2012.

 

The organization considers a six month to 6.5 month supply “a balanced market,” according to NYSAR.

 

Inventory totaled at 88,159 units in May, a decrease of nearly 16 percent compared to a year ago, the association said.

 

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

 

In Broome County, realtors closed 109 home sales in May, up nearly five percent from 104 a year ago. The median sales price fell more than seven percent to nearly $110,000, compared to $119,000 in May 2012.

 

In Onondaga County, realtors closed 373 home sales in May, down five percent from 394 in the year-earlier period. The median-sales price rose more than one percent to $132,500.

 

In Oneida County, closed home sales fell 3.9 percent to 122 in May, compared to 127 in the year-ago period. The median-sales price fell more than two percent to $114,000, compared to $116,600 in May 2012.

 

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

 

 

 

Contact Reinhardt at ereinhardt@cnybj.com