ALBANY, NY--(Marketwired - October 24, 2016) - The Empire State's housing market has posted an 11-percent jump in home sales though the first nine months of 2016 compared to the same period in 2015, according to the housing market report released today by the New York State Association of REALTORS®. The year-to-date statewide median sales price grew 3 percent compared to last year.
"The New York state housing market remains strong as we close out the third quarter and we anticipate moderate growth to continue into the fall," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "The statewide housing market will surpass the 100,000 closed sales mark for the fourth consecutive year, a level of sustained strong sales that has not been achieved since the mid-2000s."
"Looking ahead, the modest closed sales increases in September and the third quarter may signal that the continued decline in available homes is starting to impede closed sales growth," MacKenzie said, noting the 20.7 percent decline in homes on the market at the end of the third quarter compared to the same period in 2015. "Buyers, who are trying to take advantage of otherwise favorable market conditions, are finding fewer choices available to them causing them to delay the purchase of their next home."
The year-to-date (Jan. 1 - Sept. 30) sales total of 95,453 was 11-percent above the same period last year. There were 38,629 closed sales in the 2016 third quarter, up 2.8 percent from the 2016 third quarter total of 37,575. September 2016 closed sales increased 2.1 percent compared to a year ago to reach 11,780.
The year-to-date (Jan. 1 - Sept. 30) statewide median sales price was $237,000, an increase of 3 percent from the same period in 2015. The 2016 third quarter statewide median sales price was $250,000, an increase of 4.2 percent compared to the third quarter 2015 median of $239,900. The September 2016 statewide median sales price of $250,000 represents an increase of 6.4 percent compared to the September 2015 median of $235,000.
Pending sales increased 5.6 percent to 36,543 in the 2016 third quarter compared to 34,612 in the 2015 third quarter. September 2016 pending sales (11,073) were up 3.4 percent compared to September 2015 (10,708).
The months supply of inventory dropped 29.2 percent at the end of the third quarter to 6.8 months supply. It was at 9.6 months at the end of the 2015 third quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 75,877, a decrease of 20.7 percent compared the 2015 third quarter.
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®.