New York State home sellers continue to enjoy gains at the closing table as sales decline
Aug 21, 2014
Albany, NY – August 21, 2014 – Entering the second half of 2014, the number of home sales in New York State declined in July compared to a year ago, but competition for those purchases netted sellers more of their asking price, according to the housing market report released today by the New York State Association of REALTORS. July 2014 home sales fell more than 10 percent from July 2013 to 10,545, while the statewide median sales price of $239,000 nearly held pace with last July.
“Tight inventories continue be a factor in holding back strong sales growth,” said Duncan MacKenzie, NYSAR CEO. “The upside is that buyers are motivated as demonstrated by the percentage of asking price received at closing rising for the 6th consecutive month.”
“Despite reports of an improving national economy, many consumers remain cautious about making large financial investments such as a home purchase,” said MacKenzie. “Employment numbers are rising, but wages remain stagnant, thus creating a counterbalance to moderating home prices and low interest rates that continue to drive improving affordability conditions.”
The July market posted 10,545 closed sales, down 10.3 percent from the July 2013 total of 11,754. The year-to-date (Jan. 1 – July 31) sales total of 55,217 represents a 4.5-percent decrease from the same period last year.
The statewide median sales price was $239,000 in July, a 0.4-percent decrease from the July 2013 median of $239,900. The year-to-date (Jan. 1 – July 31) median sales price of $225,000 remained the same compared to this period last year.
Pending sales grew 0.7 percent to 10,682 in July compared to 10,545 in July 2013.
The months supply of inventory dropped 5.4 percent at the end of July to 10.5 months supply. It was at 11.1 months at the end of July 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 95,484, a decrease of 2.4 percent compared to July 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.