New York State housing market holds on to price gains

        Albany, NY – December 22, 2014 – The New York statewide median home sales price rose slightly in November, while the year-to-date median price remained at the 2013 level, according to the housing market report released today by the New York State Association of REALTORS®. Year-to-date sales are trailing the same period last year by only 2.3 percent, despite a 7.9-percent slowdown in November.

“Looking back on the year, the housing market had a welcome low volatility, as if it was catching its breath,” said Duncan R. MacKenzie, NYSAR CEO. “Many positive fundamentals, such as a growing economy, affordable interest rates and new, lower Fannie/Freddie down payment requirements, will help the 2015 housing market begin on solid footing.”

The 2014 market trends of incremental median price growth, solid sales activity and moderating supply continued through November. Sellers closing at a growing percentage of their asking price has been another one of the hallmarks of the 2014 market, MacKenzie noted, adding that the percentage increased again in November compared to a year ago.

The November 2014 sales total of 7,987 was down 7.9 percent from the November 2013 total of 8,671. The year-to-date (Jan. 1 – Nov. 30) sales total of 96,867 represents a 2.3-percent decrease from the same period last year.

The November statewide median sales price was $227,500, a 1.1-percent increase from the November 2013 median of $225,000. The year-to-date (Jan. 1 – Nov. 30) median sales price of $225,000 was unchanged from the same period last year. 

November 2014 pending sales increased by 0.2 percent from a year ago to reach 7,607. 

The months supply of inventory dropped 4.1 percent at the end of November to 9.3 months supply. It was at 9.7 months at the end of November 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 86,377, a decrease of 2.6 percent compared to November 2013.

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 47,000 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®.

James Gamble

James Gamble

Licensed Associate Real Estate Broker
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