Homebuyer Activity Remains Brisk in New York State

ALBANY, N.Y., Sept. 20, 2018 (GLOBE NEWSWIRE) -- Homebuyer activity remains strong in New York State despite closed sales dropping 7.8 percent for the month of August, according to the housing market report released today by the New York State Association of REALTORS^®.  The 13,852 closed sales for the month are the third highest total in the last eight years, keeping the state’s housing market steady.

New listings were up 0.2 percent in New York State to 18,456. Pending sales though, decreased 3.2 percent to 12,848. Inventory shrank 3.7 percent to 71,795 units.  Days on the market decreased 8.8 percent to 62 days while months supply of inventory was down 3.0 percent to 6.4 months.

Prices moved higher in New York State as the median sales price rose 5.7 percent from a year ago to $280,000.  The average price moved up 4 percent as well to $378,992.  Nationally the signs are optimistic despite rising home prices, higher interest rates and increased building material costs that have pressured housing affordability to a ten-year low. Housing starts are performing well, prices are still inching upward and consumers are optimistic.

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 55,000 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^®.

Contact:

Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com