SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

September 22, 2014 10:00 ET

New York State Housing Market Sales Strong Despite Decline From Year-Ago Totals

ALBANY, NY--(Marketwired - Sep 22, 2014) - The New York State housing market posted a strong sales total of nearly 11,000 homes in August, despite a decline of more than 9 percent from the exceptional August 2013 mark, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price posted a slight increase from a year ago to reach $239,000.

"While 2013 was a great year for housing in the Empire State, it's important to realize that, through the first eight months of the year, 2014 is shaping up to be a strong housing market despite declines from a year ago," said Duncan MacKenzie, NYSAR CEO. "Closed sales in August, for example, reached the third highest total for the month in seven years and the statewide median sales price continues to post incremental growth. Pending sales continue to hover near year-ago levels, which bodes well for the coming months."

"For the seventh consecutive month, sellers received an increasing percentage of their asking price at closing, aided in part by constrained inventory levels," said MacKenzie. "New listings coming on the market and overall inventory are starting to trend closer to year-ago totals, which may help spur additional fall sales."

The August market posted 10,978 closed sales, down 9.5 percent from the August 2013 total of 12,127. The year-to-date (Jan. 1 - August 31) sales total of 66,635 represents a 4.4-percent decrease from the same period last year.

The statewide median sales price was $239,000 in August, a 0.2-percent increase from the August 2013 median of $238,600. The year-to-date (Jan. 1 - August 31) median sales price of $225,000 was virtually unchanged from a year ago.

Pending sales fell 1.5 percent to 10,214 compared to 10,402 in August 2013.

The months supply of inventory dropped 4.6 percent at the end of August to 10.4 months supply. It was at 10.9 months at the end of August 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,366, a decrease of 1.5 percent compared to August 2013.

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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