SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

November 20, 2014 10:08 ET

New York State Home Sales Steady in October

ALBANY, NY--(Marketwired - Nov 20, 2014) -  October home sales throughout New York State kept pace with last October, declining by less than one percent, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price softened slightly compared to October 2013.

"During October the New York State housing market posted roughly equivalent numbers to last October in several key metrics including closed sales, median price and pending sales," said Duncan MacKenzie, NYSAR CEO. "The trend of sellers closing at or near asking price has been a constant throughout much of the year and continued in October. Another key metric, days on market, reached its lowest level since October 2007. Taken together, these trends indicate that buyers remain motivated in today's market."

MacKenzie noted that through the end of October, 2014 year-to-date home sales trailed the strong 2013 market by 2.4 percent, while the median sales price was nearly on par with last year. "We project that final sales and median price numbers for 2014 will finish the year only slightly behind 2013."

The October 2014 sales total of 10,354 was down .08 percent from the October 2013 total of 10,439. The year-to-date (Jan. 1 - Oct. 31) sales total of 88,211 represents a 2.4-percent decrease from the same period last year.

The October statewide median sales price was $224,000, a 1.5-percent decrease from the October 2013 median of $227,500. The year-to-date (Jan. 1 - Oct. 31) median sales price of $225,000 was down .02 percent from the same period last year.

October 2014 pending sales increased by 2 percent from a year ago to reach 9,637.

The months supply of inventory dropped 3.9 percent at the end of October to 9.9 months supply. It was at 10.3 months at the end of October 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 91,700, a decrease of 1.7 percent compared to October 2013.

Additional data is available at

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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