According to a new housing market report by the New York State Association of Realtors, statewide in New York, the median home sales price continues to trend on a positive note, rising sharply in November 2018.
November's median sales price rose 10-percent from November 2018 to $275,000. November marks the 34thconsecutive month that the median sales price has topped the same month of the prior year.
The 2018 market trends of incremental median price growth and relatively steady sales activity continued through November. Closed sales in November 2018 dropped 6.6-percent to 10,576 homes as compared to November 2017. Year-to-date sales are trailing the same period last year by 2.3-percent
New listings were up 1.0 percent to 12,346 while the year-to-date (Jan.1 - Nov.30) number of new listings has also inched higher, rising 1.2 percent to 196,933.
November 2018 month's supply of inventory rose marginally 1.7 percent from 5.9 months to 6.0 month's supply. A 6 month to 6.5-month supply is considered to be a balanced market. Days on market dropped 9.1 percent to 70 days which is closely in line with the year-to-date figure of 73 days.
On the heels of Amazon's surprise announcement to cancel its plan to build a new headquarters facility in New York's Long Island City due to Democratic political opposition, both the local real estate market and the Governor's office were stunned.
The Dow Jones Industrial Average finished 2018 down 3.5% and lost 13% of its value between October 2018 and December 2018 alone -- its worst annual performance since 2008. The downturn rippled through world equity markets.
Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter