New York State saw the sale of 38,445 during the third quarter, a 3.1 percent drop from one year earlier, according to data from the New York State Association of Realtors (NYSAR
). Nonetheless, the third quarter sales total is the second best on record for the period.
While sales were down, the median sales price saw a five percent year-over-year increase to $261,500; in the third quarter of 2016, the price was $243,000.
The state’s inventory supply fell 8.6 percent at the end of the third quarter to 6.4-month supply, down from seven months one year earlier. The number of homes for sale stood at 71,930, a decrease of 7.7 percent compared to the 2016 third quarter.
“Home sales remained strong across the Empire State through the third quarter, constrained only by the ongoing decline in the number of homes available for sale,” said Duncan R. MacKenzie, CEO of NYSAR. “Given the positive market factors including a healthy economy and stable mortgage rates, we believe sales would have pushed higher had more homes been available to buyers. Looking ahead to the fourth quarter, we expect New York State home sales to remain on track to finish near the 2016 record total and that the median sales price growth will finish the year more than five percent ahead of last year.”