Q1 New York State Home Sales Up 2.7 Percent

Apr 21, 2017

While the rest of the state remains on pause due to contain the spread of COVID-19, New York’s real estate industry has been given the green light to return to limited activity

New York State recorded 25,366 closed sales in the first quarter, a 2.7 percent year-over-year rise, according to data from the New York State Association of Realtors (NYSAR). For March, there were 8,889 closed sales, a 2.9 percent increase from one year ago.

The first quarter’s statewide median sales price was $245,000, up 6.5 percent compared to the first quarter of 2016’s median of $230,000. The statewide median sales price for March was $249,000, a 9.5 percent spike form the March 2016 median of $227,500. Pending sales increased 5.1 percent to reach 30,596 in the first quarter compared to the 2016 first quarter total of 29,121. The March pending sales level of 12,610 was four percent above the March 2016 level of 12,129.

However, the months’ supply of inventory dropped 23.6 percent at the end of the first quarter to a 5.5-months’ supply; at the end the first quarter of 2016, the level was at 7.2 months. Inventory stood at 61,857, a decrease of 19.6 percent compared to the 2016 first quarter.

“An overall healthy economy and the specter of mortgage rate increases combined to keep buyer activity at a record-setting pace throughout the 2017 first quarter,” said Duncan R. MacKenzie, CEO of NYSAR. “The number of closed sales may well have been pushed higher if buyers had not been constrained by the ongoing decline in the number of homes available for purchase.”

About the author

Phil Hall

Link copied

Published

Apr 21, 2017

Analysis and Data

Figure Says Partners More Than Doubled HELOC Volume On Its Platform

Consumer loan marketplace volume reached $4.3 billion as Figure Connect drove more production off the company’s balance sheet and helped lift adjusted margins to a record 55%

Figure Technology Solutions said mortgage partners using its platform generated substantially more home equity lending volume than their previous production would have predicted, adding an originator-level measure to a quarter marked by rapid marketplace growth and record pr...

People On The Move

eLEND Names Avi Marcus Chief Legal Officer

Marcus will oversee legal strategy and corporate governance as the lender expands its use of AI, automation, and digital mortgage technology

American Financial Resources LLC, which does business as eLEND, has appointed Avi Marcus chief legal officer and corporate secretary.Marcus brings more than 15 years of executive legal experience across mortgage lending, real estate, financial services, and technology. He ha...

Sep

San Francisco, CA

More from

Industry News

July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News

Aug 13, 2026

The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News

Jul 30, 2026

New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News

Jul 15, 2026

First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest