Market Overview

NYS housing market sets October sales record

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ALBANY, N.Y., Nov. 21, 2017 (GLOBE NEWSWIRE) -- There were 12,178 closed home sales across New York State during October, setting a new record high for the month, according to the housing market report released today by the New York State Association of REALTORS®. The previous October sales record was 11,926 in October 2015. The statewide median sales price grew by 9.1 percent in October compared to October 2016.

"In October and throughout 2017 strong homebuyer demand and low inventory combined to drive sales prices higher," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "Many newly listed homes are selling quickly as evidenced by a nearly 13-percent drop in the number of days homes are on the market."

"Given the current market trends, including the October growth in both listed homes and pending sales, we project that 2017 home sales could finish slightly ahead of last year's record total and that the median sales price growth will be 5 to 5.5 percent above 2016."

The October 2017 sales total of 12,178 represents an increase of 3.7 percent from the October 2016 total of 11,741. The year-to-date (Jan. 1 – Oct. 31) sales total of 111,072 was 2.5-percent above the same period last year.

The October 2017 statewide median sales price was $249,900, an increase of 9.1 percent from the October 2016 median of $229,000. The year-to-date (Jan. 1 – Oct. 31) statewide median sales price was $250,000, an increase of 6.2 percent from the same period in 2016.

October 2017 pending sales increased by 10.4 percent from a year ago to reach 11,823.

The months supply of homes for sale dropped 9 percent at the end of October to 6.1 months supply. It was at 6.7 months at the end of October 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 69,321 in October, a decrease of 6.6 percent compared to October 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 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®.

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

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