SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

August 22, 2012 10:00 ET

New York Market Continues Solid Summer With Closed Sales, Median Price and Pending Sales up in July

ALBANY, NY--(Marketwire - Aug 22, 2012) - The New York State housing market continues to build on the solid first half of 2012 as July sales of existing single-family homes, condos and co-ops increased by 4.7 compared to last July, according the housing market report released today by the New York State Association of REALTORS®. Additionally, the July statewide median sales price grew nearly 6 percent and the number of pending sales jumped by nearly 18 percent compared to July 2011.

"New Yorkers continue to regain their confidence in housing as we move through the typically active summer months," said Duncan R. MacKenzie, NYSAR CEO. "Despite a dip in closed and pending sales between June and July, the year-to-date figures show an overall market improvement through the first seven months of the year."

MacKenzie noted that year-to-date (Jan. 1 to July 31) closed sales are up 6.3 percent and pending sales are up 16.9 percent compared to the same period in 2011. The year-to-date median sales price, while down slightly, continues to show a stabilization trend, he added.

"Today's buyers and those thinking about starting the process should take note of three market factors from our report," said MacKenzie. "Affordability conditions, aided by historically low mortgage rates, remain favorable, inventory continues to shrink and July's sellers received 95-percent of their listing price. The statewide housing market is moving toward a balance between buyers and sellers, and the buyers' market is waning."

The July market posted 8,745 closed sales, up 4.7 percent from the July 2011 total of 8,352. Year-to-date closed sales reached 50,412 at the end of July, an increase of 6.3 percent from last year.

The statewide median sales price reached $233,000, an increase of 5.9 percent compared to the July 2011 median of $220,000. The year-to-date median of $212,000 was 1.8-percent behind the $215,900 median in 2011.

The months supply of inventory continued to trend toward a more balanced market, dropping 31 percent in July to 11.6 months supply. It stood at 16.8 months in July 2011. Inventory shrank 22.3 percent to 95,303 units in July.

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 48,000 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®.

Contact Information