Strong March sales drive New York State housing market first quarter gains

NYSAR News

The more than 5-percent increase in home sales in March helped the New York State housing market post first quarter gains, according to the housing market report released today by the New York State Association of REALTORS. Closed sales were up 1.6 percent in the 2015 first quarter compared to the same period in 2014, while the median price climbed by 2.2 percent.

The more than 5-percent increase in home sales in March helped the New York State housing market post first quarter gains, according to the housing market report released today by the New York State Association of REALTORS. Closed sales were up 1.6 percent in the 2015 first quarter compared to the same period in 2014, while the median price climbed by 2.2 percent.

“New York’s REALTORS are pleased with the start to 2015 as nearly all of the key market indicators moved in a positive direction in the first quarter despite the harsh winter,” said Duncan R. MacKenzie. “In addition to the gains in closed sales and median sales price, pending sales increased by more than 10 percent during the quarter as affordability improved thanks to continued low mortgage rates and economic growth.”

“While there is a good selection of homes available throughout the state, inventory levels will bear watching as the market faces the traditional seasonal increase in buyer demand,” said MacKenzie. “The combination of sales growth and a lag in the number of newly listed homes continues to keep inventory levels hovering near a nine-year low.”

There were 19,792 closed sales in the 2015 first quarter, up 1.6 percent from the 2014 first quarter total of 19,480. March 2015 closed sales increased 5.4 percent (7,004) compared to a year ago (6,643).

The 2015 first quarter statewide median sales price was $230,000, an increase of 2.2 percent compared to the first quarter 2014 median of $225,000. The March 2015 statewide median sales price of $225,000 represents an increase of 4.7 percent compared to the March 2014 median of $215,000.

Pending sales increased 10.6 percent to 24,579 in the 2015 first quarter compared to 22,229 in the 2014 first quarter. March 2015 pending sales (9,838) were up 8.4 percent compared to March 2014 (9,078).

The months supply of inventory dropped 13.3 percent at the end of the first quarter to 7.8 months supply. It was at 9 months at the end of the 2014 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 74,112, a decrease of 8.9 percent compared the 2014 first quarter.

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