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.
According to the U.S. Department of Housing and Urban Development, sales of newly built, single-family homes in the U.S. fell to a seasonally adjusted annual rate of 544,000 units in October 2018, after an upwardly revised September report.
According to JLL's Residential Sales Market Monitor released this week, the first day sell-through rates for newly launched mass residential projects (where over 80 units were launched in the first batch of sales) dropped significantly in October 2018.
This week Amazon announced their final selection for the location of their second headquarters. In a change to the original plan, Amazon decided to split the location of their new headquarters between two cities choosing New York and Northern Virginia.
Strong market conditions helped fuel a 6 percent increase in multifamily lending in 2017, as lenders provided a record high $285 billion in new mortgages for apartment buildings with five or more units.
Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter