ALBANY, NY--(Marketwired - June 22, 2016) - With a nearly 10-percent increase in home sales compared to May 2015, the New York State housing market posted its 16th consecutive month of growth compared to the same month in the prior year, according to the housing market report released today by the New York State Association of REALTORS®. The statewide median sales price grew by 3.2 percent compared to a year ago.
"With favorable market and economic conditions remaining in place, the Empire State's housing market continues to gain momentum leading into the typically busy summer season," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "The strong buyer activity shown by the growth in both closed and pending sales indicates that the market holds great opportunity for sellers who face decreased competition as the number of homes for sale continues to decline."
"Even as home sales increase across the state, it is important to note that first-time buyers are facing challenges in achieving the American Dream of homeownership," said MacKenzie. "New York's REALTORS® are calling on Gov. Andrew Cuomo and the state Legislature to pass the NY First Home bill when they reconvene. While many individuals and families can afford the monthly mortgage payment, they do not possess enough cash to overcome the barrier presented by our nearly nation-leading closing costs. NY First Home would create a savings account program, similar to the state's 529 Education Savings program, for the purchase of a home. The funds would be deductible on state income taxes to provide an incentive to save."
The May 2016 sales total of 10,298, represents an increase of 9.7 percent from the May 2015 total of 9,385.
The May 2016 statewide median sales price was $212,500, up 3.2 percent from a year ago.
May 2016 pending sales increased by 7.6 percent from a year ago to reach 13,990.
The months supply of homes for sale dropped 25 percent at the end of May to 7.5 months supply. It was at 10 months at the end of May 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 87,153, a decrease of 13.9 percent compared to May 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. Information about the NY First Home proposal may be found at nyfirsthome.com.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 50,000 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®.