New York state realtors completed the sale of 106,919 previously owned homes in 2014, down 1.3 percent from the 108,367 sold in 2013.
That’s according to the annual housing-market report that the New York State Association of Realtors (NYSAR) released on Friday.
Realtors statewide sold more than 9,400 homes in December, up 2.5 percent from the same month in 2013.
(Sponsored)
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
Think Your Employees Aren’t Using ChatGPT?
Think again. Survey data is consistent that use of ChatGPT and other “generative” artificial intelligence (AI) platforms is expanding exponentially. While difficult to quantify, surveys suggest that most employees in
Continued low mortgage-interest rates, economic growth, and rising consumer confidence supported the state’s housing market in 2014, Duncan MacKenzie, CEO of NYSAR, said in the organization’s news release about the report.
“While total sales fell just shy of last year, it is important to recognize that sales remained at a high level. In fact, it is the first time since the 2006 and 2007 markets that annual sales have exceeded 100,000 units in consecutive years. The statewide median sales price also held on to the gains from last year as sellers received a growing percentage of their asking price at closing,” said MacKenzie.
He expects the implementation of lower Federal Housing Administration mortgage-insurance premium rates and the “reasonable” lending standards under the new Qualified Residential Mortgage rule to help the 2015 housing market.
“Both of these actions will remove unnecessary barriers to homeownership placed before creditworthy borrowers, allowing them to pursue the American Dream of homeownership,” said MacKenzie.
NYSAR’s news release also included data on median sales price and the months of supply inventory of homes.
The statewide annual median sales price in 2014 was $225,000, down 0.7 percent from the $226,500 median in 2013. The December median sales price was $230,000, off 2.1 percent from the December 2013 median of $235,000.
The months of supply dropped 4.7 percent at year’s end to a 8.2 months of supply. It stood at 8.6 months at the end of 2013. NYSAR considers a 6 month-to-6.5 month supply a “balanced market.”
Inventory stood at 76,682 units at the end of 2014, a decrease of 2.8 percent compared to the end of 2013.
The New York State Association of Realtors is a nonprofit trade organization representing more than 47,000 of New York State’s real-estate agents.
Central New York data
Realtors in Broome County completed the sale of 1,301 homes in 2014, an increase of 2 percent compared to 2013. The median sale price of more than $108,000 in 2014 was down 1.6 percent compared a year earlier.
In Onondaga County, realtors closed on the sale of more than 4,500 homes in 2014, an increase of 2 percent from 2013. The median sale price of $135,000 was unchanged.
Oneida County realtors sold about 1,650 homes in 2014, up 9 percent from 2013. The median sale price of more than $116,000 was up 1.4 percent.
NYSAR also provided county-by-county housing data for December.
Realtors in Broome County completed the sale of 116 homes in December, up 12 percent from the 103 homes sold in December 2013. The median sale price of $113,000 was up 8 percent from $104,000 in the same month in 2013.
In Onondaga County, realtors closed on the sale of 377 homes in December, up 7 percent from 351 homes sold during the same month a year earlier. The median sale price of $131,000 was down 3.7 percent compared to the median of $136,000 in December 2013.
Oneida County realtors closed on the sale of 158 homes in December, up nearly 19 percent from 133 homes sold in the same month a year earlier. The median sale price of $125,000 was up 3 percent from nearly $122,000 a year prior.