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.
A total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008.
According to the Mortgage Bankers Association's latest Commercial and Multifamily Mortgage Debt Outstanding quarterly report for 2018, the level of commercial and multifamily mortgage debt outstanding in the U.S. at the end of 2018 was $216 billion (6.8 percent) higher than at the end of 2017.
According to the latest National Association of Home Builders/Wells Fargo Housing Market Index, U.S. builder confidence in the market for newly-built single-family homes held steady at 62 in March 2019.
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