SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

June 20, 2013 10:00 ET

New York State Home Prices Rise for 7th Consecutive Month

ALBANY, NY--(Marketwired - Jun 20, 2013) - Robust buyer activity across New York State in May resulted in a 12-percent growth in the statewide median sales price from May 2012, according to the housing market report released today by the New York State Association of REALTORS®.

"Strong buyer demand coupled with a tighter supply of homes has helped drive the statewide median sales price up for the seventh consecutive month," said Duncan R. MacKenzie, NYSAR CEO. "Sellers received, on average, slightly more than 95 percent of their asking price in May, which is the highest mark in nearly three years."

"These trends have grabbed the attention of hesitant sellers, who are now more confident that it's the right time to place a for sale sign out front," said MacKenzie. He added that while inventory is still below year-ago levels, there was a more than 7-percent increase in new listings during May. "The new inventory coming on the market now will help fuel sales during what we expect to be an active summer market."

The May market posted 8,538 closed sales, up 1.9 percent from the May 2012 total of 8,376. The year-to-date (Jan. 1 - May 31) sales total of 34,786 represents a 5.4-percent increase from the same period last year.

The statewide median sales price reached $224,000, an increase of 12 percent compared to the May 2012 median of $200,000, marking seven consecutive months of year-over-year price gains. The year-to-date (Jan. 1 - May 31) median sales price of $218,050 represents a 6.4-percent increase from the same period last year.

Pending sales jumped 24.2 percent to 12,333 in May 2013 compared to 9,930 in May 2012.

The months supply of inventory dropped 24.2 percent in May to 10.0 months supply. It was at 13.2 months in May 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 88,159 units in May 2013, a decrease of 15.9 percent compared to May 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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