ALBANY, NY--(Marketwired - August 24, 2016) - With 11,736 closed home sales across the Empire state in July, the housing market remained strong despite lagging behind the July 2015 total, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price increased by 8.1 percent compared July 2015.
"The New York State housing market has been performing at a very high level in 2016 and July was no exception despite falling short of the exceptional 2015 July sales total," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "The 11,736 closes sales represents the third strongest July in the past decade and through the first seven months statewide sales are 11 percent ahead of the same point in 2015."
"The persistent decline in the number of homes available for sale is starting to influence the market as evidenced by the growth in selling price and the slowing of sales," said MacKenzie. "With fewer choices available, buyers are willing to pay more when they find the right home, while many more are still waiting for their dream home to come on the market."
The year-to-date (Jan. 1 - July 31) sales total of 68,018 was 11.1-percent above the same period last year. July 2016 closed sales decreased by 10.3 percent compared to a year ago to reach 11,736.
The year-to-date (Jan. 1 - July 31) statewide median sales price was $234,000, an increase of 2.6 percent from the same period in 2015. The July 2016 statewide median sales price of $255,000 represents an increase of 8.1 percent compared to the July 2015 median of $236,000.
July pending sales were fundamentally unchanged at 12,223 compared to a year ago when they stood at 12,254.
The months supply of inventory dropped 27.3 percent at the end of July to 7.2 months supply. It was at 9.9 months at the end of July 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 79,818, a decrease of 18.2 percent compared July 2015.
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®.