New York State Homes Sales Sets Record in 2017

Jan 24, 2018

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

The Empire State set a new record for single-family home sales in 2017, according to data released by the New York Association of Realtors (NYSAR).

There were 134,066 existing single-family homes sold in New York last year, up 2.4 percent from the 130,949 sold in 2016. The 2017 statewide annual median sales price was $250,000, up 5.5 percent from the $236,870 median in 2016. However, inventory did not follow in upward movement: The months’ supply of inventory dropped 10.7 percent at year’s end to a five-month supply, down from the 5.6 months’ supply at the end of 2016.

“Strong buyer demand combined with still-low mortgage rates and confidence in the economy pushed the 2017 New York State housing market to a record high and fifth consecutive year of growth,” said Duncan R. MacKenzie, CEO of NYSAR. “Median sales price growth throughout the year was driven by the brisk buyer competition in the ongoing low inventory marketplace. As we look ahead to 2018, continuing inventory constraints and the possible effects of federal tax reform are likely headwinds, but we do not foresee a significant dip in home sales or prices.”

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Phil Hall

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Jan 24, 2018

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