ALBANY, NY--(Marketwired - December 22, 2016) - A record-setting November market pushed the New York State home sales total to 118,730, surpassing the 2015 annual mark of 116,671, according to the housing market report released today by the New York State Association of REALTORS®. Closed home sales set a new record for November reaching 10,547 for the month, an increase of nearly 9 percent from November 2015. The November 2016 statewide median sales price of $240,000 represents an increase of 6.7 percent from a year ago.
"It continues to be an exceptional year for the Empire State's housing market as buyers remained very active deep into the fall, a time when the market typically begins to slow," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "With mortgage rate upticks likely on the horizon, we believe that consumers were highly motivated to complete their purchase to take advantage of still low rates."
"All indications point to 2016 setting a new high-water mark for annual home sales in New York State," said MacKenzie. "Looking ahead to 2017, continued strength in the overall economy gives a reason for optimism, but we do have concerns that sales growth could be tempered because of increasing mortgage rates and low for-sale housing inventory."
The year-to-date (Jan. 1 – Nov. 30) sales total of 118,730 was 10.2-percent above the same period last year. November 2016 closed sales totaled 10,547, an 8.9-percent increase compared to a year ago.
The year-to-date (Jan. 1 – Nov. 30) statewide median sales price was $235,000, an increase of 2.2 percent from the same period in 2015. The November 2016 statewide median sales price of $240,000 represents an increase of 6.7 percent compared to the November 2015 median of $225,000.
November 2016 pending sales increased 7.1 percent to reach 9,635 compared to the November 2015 total of 8,993.
The months supply of inventory dropped 28.6 percent at the end of November to 6.0 months supply. It was at 8.4 months at the end of November 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 68,031, a decrease of 20.8 percent compared to November 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®.