ALBANY, NY--(Marketwired - May 22, 2014) - The New York State median home sales price held steady in April at $215,000 compared to April 2013, while the number of closed sales fell by more than 11 percent compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS®. Sales dropped 1.8 percent compared to the start of 2013.
"Home values in the Empire State continue to hold on to the gains of the past consecutive 23 months," said Duncan MacKenzie, NYSAR CEO, noting that the year-to-date median sales price through April 30 has grown 3.7 percent compared to the same period in 2013. "The 2014 market holds great opportunity for sellers who are seeing nearly 95 percent of their asking price at the closing table."
"On the other side of the coin, buyers are facing low inventories, tighter access to credit and slowly increasing mortgage rates," said MacKenzie. "April may have finally been the month that the slowdown caused by the drastic weather conditions this winter took its toll on closings. We expect that better weather, pent-up demand and an increasing selection of homes becoming available will boost buyer activity into the late spring and summer."
The April market posted 6,691 closed sales, down 11.2 percent from the April 2013 total of 7,535. The year-to-date (Jan. 1 - April 30) sales total of 25,797 represents a 3.4-percent decrease from the same period last year.
The statewide median sales price in April was $215,000, the same as the April 2013 median. The year-to-date (Jan. 1 - April 30) median sales price of $223,000 represents an increase of 3.7 percent compared to the same period last year.
Pending sales declined 4.7 percent to 10,318 in April compared to 10,830 in April 2013.
The months supply of inventory dropped 13.2 percent at the end of April to 9.2 months supply. It was at 10.6 months at the end of April 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 83,640, a decrease of 6.4 percent compared to April 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®.