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NY State Home Sales Hit New High in Q2

Phil Hall
Jul 24, 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’s housing market hit a new peak in its second quarter home sales, with 32,444 residential properties sold, according to the New York State Association of Realtors (NYSAR).
 
For the first six months of the year, there were 58,490 closed sales, up 2.9-percent increase from the same period in 2016. However, closed sales during June decreased to 12,610, a 2.7-percent reduction compared to June 2016.
The second quarter statewide median sales price of $245,000 was 6.5 percent higher on a year-over-year measurement, while median sales price for the first half of the year was $244,000, a 6.1-percent increase from the same period in 2016. In June, the statewide median sales price of $264,000 represented an increase of 9.3 percent compared to the June 2016 median of $241,500.
 
Second quarter pending sales increased two percent year-over-year to reach 41,478, while June’s pending sales (14,388) were up 4.5 percent compared to June 2016. However, the months’ supply of inventory dropped 17.1 percent at the end of the second quarter to 6.3 months’ supply.
 
“Homebuyers, buoyed by a healthy economy and still low mortgage rates, have set sales records for two consecutive quarters in 2017,” said Duncan R. MacKenzie, CEO of NYSAR. “Exceptionally strong buyer demand throughout the first half of 2017 has driven a nearly three percent growth in home sales compared to the first six months of 2016. As we look ahead to the second half of the year, we continue to closely monitor the ongoing decline in the number of homes listed for sale. If the trend continues, we expect an impact on home sales and selling prices.”

 
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