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Sales Down, But Prices Up in New York State’s Housing Market

Phil Hall
Aug 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 home sales fell in July by 7.4 percent on a year-over-year measurement, according to new data from the New York State Association of Realtors (NYSAR). Last month’s sales total was 11,556, compared to 12,475 in July 2016.
 
However, the July statewide median sales price of $270,000 was an increase of 8.4 percent from the July 2016 median of $249,000. As this happened, the months’ supply of homes for sale dropped 15.8 percent at the end of July to a 6.4-months’ supply; it was at 7.6 months at the end of July 2016.
 
“July home sales were typically strong and likely would have been higher except for the ongoing decline in the number of homes for sale,” said Duncan R. MacKenzie, NYSARE’s CEO. “Newly listed homes are moving quickly and multiple purchase offers are becoming more common. These conditions have driven growth in the statewide median sales price to near record levels. With employment levels and consumer confidence steady, and mortgage rates still low, the housing market should remain active through the balance of the year. We project that sales will be near the 2016 record, but will continue to be constrained by the low number of homes listed for sale.”

 
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