The New York State housing market monthly sales reached a 26-month high in August with existing single-family home, condo and co-op transactions increasing by 8 percent from July and nearly 4 percent compared to last August, according the housing market report released today by the New York State Association of REALTORS. Additionally, the August statewide median sales price grew 4 percent and the number of pending sales increased by 13.3 percent compared to August 2011.
“Posting the highest monthly sales total in more than two years is a welcome milestone for the statewide housing market’s continuing recovery,” said Duncan R. MacKenzie, NYSAR CEO, who noted that August is a typically busy month in the seasonal market. “Other positive signs through the first eight months of 2012 can be found in the steady growth in closed and pending sales on a year-to-date basis as well as the stable median sales price. We look for these trends to continue into the early fall.”
MacKenzie noted that year-to-date (Jan. 1 to Aug. 31) closed sales are up 6.8 percent and pending sales are up 15.7 percent compared to the same period in 2011. The year-to-date median sales price of $214,900 is virtually unchanged from the 2011 median of $216,000, he added.
“We continue to see the market moving toward a balance between buyers and sellers as inventory declines due to a decrease in new listings and increasing sales,” said MacKenzie. “While there are still advantages for buyers in today’s market, such as good affordability conditions and low mortgage rates, the continued reduction in the number of homes for sale helped sellers receive nearly 95 percent of their asking price in August.”
The August market posted 9,834 closed sales, up 3.9 percent from the August 2011 total of 9,468. Year-to-date (Jan. 1 to Aug. 31) closed sales reached 60,755 at the end of August, an increase of 6.8 percent from last year.
The statewide median sales price reached $225,000, an increase of 4 percent compared to the August 2011 median of $216,250. The year-to-date (Jan. 1 to Aug. 31) median of $214,900 was 0.5-percent behind the $216,000 median in 2011.
The months supply of inventory continued to trend toward a more balanced market, dropping 30.1 percent in August to 11.4 months supply. It stood at 16.3 months in August 2011. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,293 units in August 2012, a decrease of 21.8 percent compared to August 2011.