Market Overview

NYS home sales reach second highest February total

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ALBANY, N.Y., March 22, 2017 (GLOBE NEWSWIRE) -- Winter 2017 home sales remained strong during February with the 7,391 closings representing the second highest total for the month, according to the housing market report released today by the New York State Association of REALTORS®. The January statewide median sales price of $242,000 represents an increase of 4.3 percent from a year ago.

"It's been a very strong start to 2017, reminiscent of the first months of 2016's record-setting run," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "With one eye on rising mortgage rates and the other on a declining selection of homes, it appears that buyers are jumping at the opportunity to make an offer when they find the right property."

"We continue to monitor the ongoing decline in homes listed for sale," MacKenzie said. "In February, both the number of homes for sale and the number of new listings declined. As we move closer to the typically active spring and summer months, low inventory may apply a braking action to an otherwise strong housing market."

The February 2017 sales total of 7,391 represents a decrease of 6.7 percent from the February 2016 record total of 7,925.

The February 2017 statewide median sales price was $242,000, an increase of 4.3 percent from the February 2016 median of $232,000.

February 2017 pending sales increased by 3 percent from a year ago to reach 9,410.

The months supply of homes for sale dropped 23.9 percent at the end of February to 5.4 months supply. It was at 7.1 months at the end of February 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 60,570, a decrease of 18.8 percent compared to February 2016.

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 53,000 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®.

Salvatore I. Prividera Jr.
Director of Communications 
518-463-0300x208 office
sprividera@nysar.com

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