Strong Gains for New York Housing Market

Strong Gains for New York Housing Market

Residential News » North America Residential News Edition | By Francys Vallecillo | November 21, 2013 10:27 AM ET

Home sales in New York were 17.1 percent higher in October, compared to last year, while the median home price continued a 17-month gain streak, according to the New York State Association of Realtors. 

A total of 9,881 homes were sold in October, higher than the 8,440 sold last October. Home sales have increased 12.8 percent year-to-date compared to last year.

"The October numbers continue to show that consumers still see the many quality of life benefits to home ownership," Duncan R. MacKenzie, NYSAR CEO, said in the report. "This is particularly encouraging since interest rates have slowly increased throughout the year without appreciable impact on sales."

The statewide median sales price reached $230,276, increasing 12.3 percent from last year, marking the 17th consecutive month of year-over-year median price gains. The year-to-date price median of $226,600 was 6.4 percent higher than the $213,000 median in 2012.

New York's median home price is higher than the national median of $199,500 reached in October.

Sellers received the highest percentage of their list price since 2007, which could bring more homes into a market lacking in inventory, Mr. MacKenzie said. Homes averaged 109 days on the market in October.   

New York had 9.5 months of housing supply in October, dropping 20.2 percent from the 11.9 months last year. A supply of 6 to 6.5 months is considered a balanced market, NYSAR said. 

The state may continue to see increases in home sales. Pending sales, often to used as a barometer for housing activity, jumped 23.9 percent to 9,960 in October, compared to last year. 

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