Fewer Sales, Higher Prices in New York State

Fewer Sales, Higher Prices in New York State

November 21, 2018
New York State
Last month saw fewer sales and higher prices in New York’s housing market, according to data from the New York State Association of Realtors.
The 70,704 homes for sale across the Empire State in October represented a 1.3 percent decline from one year earlier, and the 12,359 closed sales during the month was a 3.1 percent drop from the 12,751 sold in October 2017. The year-to-date sales total of 109,874 units is 2.3 percent below the same period last year.
At the same time, the median sales price reached $260,000 in October, a 6 percent spike from the $245,260 figure recorded one year ago. Also, there were 16,670 new home listings in October, a 5.7 percent increase from the 15,778 sold in October 2017; the 184,328 year-to-date new listings represented the most in New York since 2015.
But the houses for sale were selling fast: The days on the market fell by from 74 in October 2017 to 69 days last month, while the month’s supply remained unchanged at 6.3 months.