SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

May 20, 2016 10:00 ET

April Home Sales Increase Drives the Empire State Housing Market to 15 Months of Growth

ALBANY, NY --(Marketwired - May 20, 2016) - The New York State home sales growth trend continued into April with the market posting a nearly 9 percent increase in sales compared to April 2015, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price grew by nearly 2 percent compared to a year ago.

"The New York State housing market has been on an upward sales trajectory since February 2015 and we anticipate this trend to continue into the busy summer season," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®, noting that the gains are compared to the same month in the prior year. "New York's REALTORS® are reporting strong buyer activity across the state, which is reflected in the nearly 16-percent growth in pending sales compared to a year ago. With the number of homes for sale currently low in many areas, sellers have a great opportunity under the current market conditions."

"While mortgage rates, jobs growth and the economic conditions are favorable for many homebuyers, those looking to enter the market for the first time continue to struggle in many cases," said MacKenzie. "New York State's closing costs are among the highest in the nation. This presents a significant barrier for first-time buyers, who find it difficult to save enough money to cover closing costs and down payments. New York's REALTORS® are asking their legislators to support the NY First Home proposal that would create a savings account program for the purchase of a home. The funds would be deductible on state income taxes to provide an incentive to save."

The April 2016 sales total of 8,403, represents an increase of 8.9 percent from the April 2015 total of 7,714.

The April 2016 statewide median sales price was $220,000, up 1.9 percent from a year ago.

April 2016 pending sales increased by 15.9 percent from a year ago to reach 13,354.

The months supply of homes for sale dropped 23.1 percent at the end of April to 7 months supply. It was at 9.1 months at the end of April 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 76,598, a decrease of 10.8 percent compared to April 2015.

Additional data is available at http://www.nysar.com/industry-resources/market-data

Editor's Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes. Information about the NY First Home proposal may be found at nyfirsthome.com.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 50,000 of New York State's real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

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