Realtors in New York State have sold a record number of homes for the month of October with a total of 12,178 closed home sales last month
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Realtors in New York State have sold a record number of homes for the month of October with a total of 12,178 closed home sales last month.
That is a 3.7% rise from October 2016 and easily beats the previous October record of 11,926 set in 2015; despite the continued challenge of low supply of available homes.
“In October and throughout 2017 strong homebuyer demand and low inventory combined to drive sales prices higher,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Many newly listed homes are selling quickly as evidenced by a nearly 13-percent drop in the number of days homes are on the market.”
The median sales price of homes in New York State jumped 9.1% in October 2017 compared to a year earlier, reaching $249,900. The year-to-date price has increased more than 6% year-over-year.
Pending sales in October were up 10.4% from a year earlier to 11,823 while supply dropped 9% to 6.1 months supply from 6.7 months a year earlier; that puts the New York State housing market just inside the threshold for a balanced market.
“Given the current market trends, including the October growth in both listed homes and pending sales, we project that 2017 home sales could finish slightly ahead of last year’s record total and that the median sales price growth will be 5 to 5.5 percent above 2016,” added MacKenzie.
That is a 3.7% rise from October 2016 and easily beats the previous October record of 11,926 set in 2015; despite the continued challenge of low supply of available homes.
“In October and throughout 2017 strong homebuyer demand and low inventory combined to drive sales prices higher,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Many newly listed homes are selling quickly as evidenced by a nearly 13-percent drop in the number of days homes are on the market.”
The median sales price of homes in New York State jumped 9.1% in October 2017 compared to a year earlier, reaching $249,900. The year-to-date price has increased more than 6% year-over-year.
Pending sales in October were up 10.4% from a year earlier to 11,823 while supply dropped 9% to 6.1 months supply from 6.7 months a year earlier; that puts the New York State housing market just inside the threshold for a balanced market.
“Given the current market trends, including the October growth in both listed homes and pending sales, we project that 2017 home sales could finish slightly ahead of last year’s record total and that the median sales price growth will be 5 to 5.5 percent above 2016,” added MacKenzie.
