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Empire State Home Sales Set Record in August

ALBANY, NY--(Marketwired - September 22, 2016) - Homes sold at a record-setting pace across New York State during August with 13,912 closed sales, according to the housing market report released today by the New York State Association of REALTORS®. The previous record was 12,938 closed sales in August 2007. The statewide median sales price increased 3.8 percent compared to August 2015.

"With eight months in the books, sales are more than 11 percent ahead of last year and well on the way to surpassing the 100,000-mark for the fourth consecutive year," said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. "The continued growth in the statewide median sales price is being driven by the steady decline in the number of homes available for sale."

"Low inventory conditions have not yet translated into a slowing of sales," MacKenzie said. "While mortgage rates and other market conditions are expected to remain favorable, we believe that buyers facing the challenge of fewer choices for their next home is a potential headwind for the market."

The year-to-date (Jan. 1 - Aug. 31) sales total of 82,791 was 11.3-percent above the same period last year. August 2016 closed sales increased by 8.1 percent compared to a year ago to reach 13,912.

The year-to-date (Jan. 1 - Aug. 31) statewide median sales price was $235,000, an increase of 2.2 percent from the same period in 2015. The August 2016 statewide median sales price of $257,291 represents an increase of 3.8 percent compared to the August 2015 median of $247,941.

August pending sales reached 13,113, up 13.1 percent compared to a year ago.

The months supply of inventory dropped 28.6 percent at the end of August to 7 months supply. It was at 9.8 months at the end of August 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 77,933, a decrease of 20.1 percent compared August 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®.

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