Spring sales and price growth continue in the New York State housing market

NYS Association of Realtors
May 21, 2015
Albany, NY –May 21, 2015 – Home sales and selling prices continued on an upward trend in April, according to the housing market report released today by the New York State Association of REALTORS. The April 2015 sales total of 7,207 units was up 1.3 percent from April 2014. The April 2015 statewide median sales price was $221,000, a 5.2-percent increase from the April 2014 median.

“Among the sure signs for REALTORS that Spring has arrived is the traditional rise in activity among both homebuyers and sellers,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Not only was there an uptick in April sales compared to a year ago, but also healthy increases in forward-looking market indicators such as pending sales and new listings.” He noted that April pending sales were up more than 10 percent from a year ago and there was a 6.6-percent increase in newly listed homes.A3DJUKHCA6Q319CCAE61MEACAABN952CA11E5F8CA91Y8TVCA0OQEAPCALDU751CAM5RVTSCA1BECLFCABIN2B6CAEWGUMNCAPYTXA6CA0FGYT7CAMF48ZGCAB6FERZCA1HYTE1CAT2YFKSCAKP6SEK

“The increase in new listings begins to address the low inventory challenge experienced in many of the state’s housing markets, which has consistently caused a significant drag on closed sales,” said MacKenzie. “Viewed in a historical context, inventory levels still remain well below normal and far from the market peak.”

April 2015 pending sales increased by 10.6 percent from a year ago to reach 11,421.

The months supply of inventory dropped 12.4 percent at the end of April to 8.5 months supply. It was at 9.7 months at the end of April 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 81,181, a decrease of 6.7 percent compared to April 2014.

The year-to-date (Jan.1 – April 30) sales total of 27,328 represents a 2.7-percent increase from the same period in 2014. The year-to-date (Jan.1 – April 30) statewide median sales price of $225,500 is a 1.8-percent increase compared to the first four months of 2014.

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 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.
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