SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

March 21, 2016 10:00 ET

New York February Home Sales Reach Highest Level in a Decade

ALBANY, NY--(Marketwired - March 21, 2016) - The New York State housing market continued its strong start to 2016, posting the highest number of closed February sales in the past 10 years at 7,521, according to the housing market report released today by the New York State Association of REALTORS®  (NYSAR). The February 2016 statewide median sales price increased by 4.4 percent compared to last February.

"Buyers taking advantage of the unseasonably mild weather and continued low mortgage rates drove the February closed home sales total to the highest mark in a decade," said Duncan R. MacKenzie, NYSAR CEO. "Combined with the strong January sales total, the Empire State housing market is starting the year with sales nearly 19 percent above the first two months of 2015. Looking ahead, the nearly 22-percent jump in pending sales bodes well for a strong finish to the first quarter."

The February 2016 sales total of 7,521, represents an increase of 19.5 percent from the January 2016 total of 6,292.

The February 2016 statewide median sales price was $235,000, up 4.4 percent from a year ago.

February 2016 pending sales increased by 21.9 percent from a year ago to reach 9,286.

The months supply of homes for sale dropped 15.9 percent at the end of January to 6.9 months supply. It was at 8.2 months at the end of February 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 73,046, a decrease of 4.6 percent compared to February 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 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 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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