Albany, NY – October 26, 2015 – (RealEstateRama) — The New York State housing market remained robust in the 2015 third quarter with closed sales increasing by 9.1 percent compared to the 2014 third quarter, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price also continued its growth trend in the third quarter, increasing by 4.3 percent compared to a year ago.
“The Empire State’s summer housing market continued the upward march, which has wholly offset the slow, weather-affected start to the year. Overall, closed sales for 2015 are 7-percent ahead of this time last year,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “With pending sales showing double-digit increases in the third quarter and the Fed holding the line on mortgage rates, we expect more good news this fall.”
MacKenzie noted that new federal banking and title insurance regulations that began on Oct. 3 may affect some closings until the market adjusts. The Consumer Financial Protection Bureau’s new “Know Before You Owe” rule combines the Truth in Lending and RESPA disclosures to ensure consumers better understand their mortgage before the closing. “New York’s REALTORS are committed to providing expert service to consumers as the market works through this transition.”
The year-to-date (Jan. 1 – Sept. 30) sales total of 84,086 was 7-percent above the same period last year. The third quarter 2015 sales total was 9.1-percent ahead of the 2014 pace, reaching 36,271. The September 2015 sales total of 10,809 was up 2.9 percent from September 2014.
The year-to-date (Jan. 1 – Sept. 30) statewide median sales price was $232,000, which represents a 3.1-percent gain from the same period in 2014. The third quarter median sales price was $240,000, an increase of 4.3-percent from the 2014 third quarter. The September median sales price was $240,000, a 6.7-percent jump compared to September 2014.
The months supply of homes for sale dropped 14 percent at the end of September to 9.2 months supply. It was at 10.7 months at the end of September 2014. A 6 month to 6.5 month supply is considered to be a balanced market. There were 92,672 homes listed for sale at the end of September, a decrease of 5.1 percent compared to September 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 50,000 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.
Salvatore I. Prividera Jr.
Director of Communications
518-463-0300 x208 office