ALBANY, NY--(Marketwired - July 21, 2016) - Driven by a very strong second quarter, home sales were up by 15.4 percent though the first six months of 2016 compared to the first half of 2015, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price increased by 2.2 percent compared to a year ago at the end of the June.
"With the first half of 2016 in the books, the New York State housing market is poised to surpass the 100,000-sales mark for the second consecutive year," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "REALTORS® across the state are reporting robust buyer activity as confident consumers are taking advantage of favorable market conditions including mortgage rates hovering near historic lows."
"With the typically busy summer home buying season just under way, we anticipate that the now 17-consecutive-month sales growth trend will continue into the fall," said MacKenzie. He noted that since February 2015 home sales have grown compared to the same month in the prior year. "The one area of the market we are watching closely is the persistent decline in number of homes for sale, which could apply a breaking action to sales. It really is a great time for homeowners who have been waiting to list their homes to call a REALTOR®."
The year-to-date (Jan. 1 - June 30) sales total of 55,543 was 15.4-percent above the same period last year. There were 31,017 closed sales in the 2016 second quarter, up 12.1 percent from the 2015 second quarter total of 27,678. June 2016 closed sales increased 9.6 percent compared to a year ago to reach 12,176.
The year-to-date (Jan. 1 - June 30) statewide median sales price was $230,000, an increase of 2.2 percent from the same period in 2015. The 2016 second quarter statewide median sales price was $230,000, an increase of 2.4 percent compared to the second quarter 2015 median of $224,500. The June 2016 statewide median sales price of $248,500 represents an increase of 8 percent compared to the June 2015 median of $230,000.
Pending sales increased 11.4 percent to 41,097 in the 2016 second quarter compared to 36,893 in the 2015 second quarter. June 2016 pending sales (13,866) were up 5.8 percent compared to June 2015 (13,104).
The months supply of inventory dropped 27.3 percent at the end of the second quarter to 7.2 months supply. It was at 9.9 months at the end of the 2015 second quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 79,949, a decrease of 17 percent compared the 2015 second 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®.