SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

February 23, 2015 10:00 ET

New York State Home Sales Slow in January; Median Price, Pending Sales Post Gains

ALBANY, NY--(Marketwired - February 23, 2015) - The number of closed home sales in New York State during January dipped by 10.7 percent compared to January 2014, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price posted a 2.1-percent gain and pending sales jumped nearly 3 percent compared to a year ago.

"The harsh winter weather across New York State this January undoubtedly had an impact on housing sales," said Duncan MacKenzie, NYSAR CEO. "Another factor impacting sales volume is that the number of homes listed for sale is at a nine-year low."

"Although we are off to a slower than hoped for start, Realtor.com Chief Economist Jonathan Smoke recently forecasted a 10-percent annual growth in sales for New York in 2015," said MacKenzie. "His forecast is based partly on the belief that 2015 projects to be a year when a large number of Millennials will make the transition from renting to owning."

The January 2015 sales total of 6,303 was down 10.7 percent from the January 2014 total of 7,056.

The January 2015 statewide median sales price was $240,000, a 2.1-percent increase from the January 2014 median of $235,000.

January 2015 pending sales increased by 2.9 percent from a year ago to reach 6,758.

The months supply of inventory dropped 8.2 percent at the end of January to 7.8 months supply. It was at 8.5 months at the end of January 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 72,791, a decrease of 6.6 percent compared to January 2014.

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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