ALBANY, N.Y. — New York realtors sold more than 12,600 previously owned homes during June, down 3 percent from the year-ago period when nearly 13,000 homes changed hands.
That’s according to a housing-market report that the New York State Association of Realtors (NYSAR) issued this week. The trade group blamed the sales decline on a drop in the number of homes available for sale and contends there remains strong buyer interest.
Despite the slight decline, the June data was part of a “record high” for second quarter home sales, reaching a total of 32,444 homes sold, NYSAR boasted.
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“Homebuyers, buoyed by a healthy economy and still low mortgage rates, have set sales records for two consecutive quarters in 2017,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “Exceptionally strong buyer demand throughout the first half of 2017 has driven a nearly 3-percent growth in home sales compared to the first six months of 2016,” he said.
“As we look ahead to the second half of the year, we continue to closely monitor the ongoing decline in the number of homes listed for sale,” said MacKenzie. “If the trend continues, we expect an impact on home sales and selling prices.”
Sales data
A decline in the number of homes for sale, coupled with robust buyer interest, pushed the statewide median sales price up more than 9 percent to $264,000 compared to a year ago.
Pending sales during June rose 4.5 percent from a year ago to reach 14,388.
The months’ supply of homes for sale dropped 17.1 percent at the end of June to 6.3 months of supply. It stood at 7.6 months at the end of June 2016.
NYSAR considers a 6 month to 6.5 month supply a balanced market. Inventory stood at 71,064, a decrease of 14.8 percent compared to June 2016.
Central New York data
Realtors in Broome County sold 187 existing homes in June, up 28 percent from 146 a year ago, according to the NYSAR report. The median sales price rose 10 percent to nearly $112,000 from more than $101,000 a year ago.
In Jefferson County, realtors closed on 102 homes in June, up 1 percent from 101 a year ago, and the median sales price decreased more than 7 percent to more than $146,000 from over $158,000 in June 2016, according to the NYSAR data.
NYSAR also reports that realtors sold 173 homes in Oneida County last month, down nearly 10 percent compared to the 192 sold during June 2016. The median sales price fell more than 5 percent to $122,000 from over $128,000 a year ago.
Realtors in Onondaga County sold 530 previously owned homes in June, a sales decrease of 5 percent compared to the June 2016 total of 558. The median sales price rose 8 percent to nearly $150,000 from more than $138,000 a year ago, according to the NYSAR report.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
Contact Reinhardt at ereinhardt@cnybj.com
