Housing sales in New York State slowed during February, with closed transactions falling by 5.9 percent compared to February 2013, according to the housing market report released today by the New York State Association of REALTORS (NYSAR). The statewide median sales price continued its growth trend, increasing by nearly seven percent compared to last February.
“February’s harsh winter conditions were undoubtedly the culprit for the year-over-year sales drop,” said Duncan MacKenzie, NYSAR CEO. “While many would-be sellers were in hibernation, buyers facing fewer options helped lift the statewide median sales price for the 21st time in the last 24 months.”
There were 5,346 closed sales in February, down 5.9 percent from the February 2013 total of 5,681. The statewide median sales price reached $232,000, an increase of 6.9 percent compared to the February 2013 median of $217,000. Pending sales were down 5.8 percent to 6,835 in February 2014 compared to 7,252 in February 2013.
The months supply of inventory fell 20.8 percent in February to an eight-months worth supply. It was at 10.1 months in February 2013. A six-month to 6.5-month supply is considered to be a balanced market. The number of new listings in February fell by 12.5 percent compared to last February. The available inventory of homes for sale stood at 74,331, a decline of 11.3 percent from February 2013.