SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

May 22, 2013 10:00 ET

Empire State Home Sales, Prices Climb as Inventory Continues to Fall

ALBANY, NY--(Marketwired - May 22, 2013) - The New York State housing market continued to build on its early 2013 momentum with April gains in closed sales, median price and pending sales, according to the housing market report released today by the New York State Association of REALTORS®. April 2013 closed sales for existing single-family homes, townhomes and condos were up 8.5 percent compared to April 2012, while the median price and pending sales rose 10 percent and 19 percent, respectively. Year-to-date closed sales are 5.4 percent ahead of the first four months of 2012.

"The numbers support what New York's REALTORS® have been reporting with regard to strong buyer activity," said Duncan R. MacKenzie, NYSAR CEO. "The gains may have been higher had inventory not been constrained. The number of homes for sale across the state is 17.7-percent below April 2012 level," he noted.

"The fact that pending sales are at their highest level since April 2010 when the federal tax credit was in play certainly bodes well for our 2013 market going forward into our typically most active late-spring and summer period," said MacKenzie. "We believe that as prices continue to increase, sellers, who have been waiting for the market to swing to their favor, will come off the sidelines to help meet buyer demand."

The April market posted 7,121 closed sales, up 8.5 percent from the April 2012 total of 6,564. The year-to-date (Jan. 1 - April 30) sales total of 25,980 represents a 5.4-percent increase from the same period last year.

The statewide median sales price reached $218,875, an increase of 10 percent compared to the April 2012 median of $199,000, marking 11 straight months of rising or stable year-over-year median price comparisons. The year-to-date (Jan. 1 - April 30) median sales price of $217,000 represents a 5.9-percent increase from the same period last year.

Pending sales jumped 19.9 percent to 11,382 in April 2013 compared to 9,496 in April 2012.

The months supply of inventory dropped 25.4 percent in April to 9.7 months supply. It was at 13 months in April 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 84,104 units in April 2013, a decrease of 17.7 percent compared to April 2012.

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 now include townhomes and condominiums in addition to existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 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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