NY housing market posts solid third quarter; closed sales notch fifth consecutive quarter of growth

The New York State housing market posted its fifth consecutive quarter with year-over-year closed sale gains in the 2012 third quarter, according to the housing market report released today by the New York State Association of REALTORS. Additionally, the third quarter statewide median sales price increased by 4.4 percent and the number of pending sales also enjoyed its fifth consecutive quarter of growth.

“As we enter the final quarter of the year, New York State’s housing market continues to move in a positive direction as closed and pending sales continue to increase compared to a year ago,” said Duncan R. MacKenzie, NYSAR CEO, adding that despite a decline in September sales, the third quarter sales total was up 4.6 percent from a year ago. “While we have a seasonal market in our state, which tends to slow down in the fall and winter months, we are positioned to exceed the 2011 closed sales total and project that we will do so.”
MacKenzie noted that year-to-date (Jan. 1 to Sept. 30) closed sales are up 6.2 percent and pending sales are up 15 percent compared to the same period in 2011. The year-to-date median sales price of $215,000 is unchanged from the 2011 median of $215,000, he added.
“There are many positives in the 2012 housing market for buyers who are seeking to move into their new home before the end of the year including all-time low mortgage rates, which were driven even lower by the Fed’s recent mortgage purchases,” said MacKenzie. “Sellers also continue to see improvements as they received nearly 95 percent of their list price in the third quarter, aided by shrinking inventory levels.”
The third quarter market posted 27,203 closed sales, up 4.6 percent from the 2011 third quarter. The year-to-date (Jan.1 to Sept. 30) closed sales total reached 69,144, an increase of 6.2 percent from the same period last year. In September closed sales fell 6.2 percent compared to a year ago, finishing at 7,664.
The statewide median sales price reached $224,500 in the 2012 third quarter, an increase of 4.4 percent from the 2011 third quarter. The year-to-date (Jan. 1 to Sept. 30) median of $215,000 was unchanged from the same period in 2011. The September 2012 median sales price was $225,000, an increase of 7.1 percent from September 2011.

In the third quarter, the months supply of inventory dropped 29.3 percent compared to the 2011 third quarter to stand at 11.1 months supply. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory was at 92,482 units in the 2012 third quarter, a decrease of 20.4 percent compared to the 2011 third quarter.

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 now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 48,000 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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