ALBANY, NY--(Marketwired - November 22, 2016) - Home sales in the Empire State dipped slightly from one year ago, but still hit the second highest total on record for October, according to the housing market report released today by the New York State Association of REALTORS®. The 11,201 closed sales in October 2016 represents the second highest total for the month after the 12,003 sold in October 2015. The statewide median price growth trend continued with a 3.8-percent increase from October 2015.
"October home sales, while falling short of last year's high-water mark, were exceptional as the statewide housing market remained very active into the fall," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "With 10 months in the books, 2016 total sales remain nearly 10 percent above last year's total. As we begin to look toward the end of the year, we anticipate completing our fourth consecutive year of home sales growth."
"Continued low inventory levels present the greatest challenge to sales growth in many areas across the state," MacKenzie said. "The potential for mortgage interest rate increases may also present a headwind."
The year-to-date (Jan. 1 -Oct. 31) sales total of 107,625 was 9.8-percent above the same period last year. October 2016 closed sales totaled 11,201, a 6.7-percent decrease compared to a year ago.
The year-to-date (Jan. 1 - Oct. 31) statewide median sales price was $235,000, an increase of 2.2 percent from the same period in 2015. The October 2016 statewide median sales price of $230,500 represents an increase of 3.8 percent compared to the October 2015 median of $222,000.
October 2016 pending sales increased 1.7 percent to reach 10,876 compared to the October 2015 total of 10,698.
The months supply of inventory dropped 29.7 percent at the end of October to 6.4 months supply. It was at 9.1 months at the end of October 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 72,152, a decrease of 21.1 percent compared to October 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.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 52,000 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®.