Across New York state, there were 38,445 homes sold, according to the New York State Association of Realtors Q3 housing market report. Although this represents a 3.1% drop from 39,693, the total number of homes sold from same quarter of 2016, the association remains optimistic noting it is the second best on record for the period.
Although the numbers of homes sold in the quarter decreased, the statewide median sales price for the quarter was $261,500, an increase of 5%, compared to the Q3 2016 median price of $249,000. The statewide median sales price through the first three quarters of the year was $250,00, a 5.5% increase from the same period in 2016. A total of 98,176 sales closed through the first nine months of 2017. That represents 1.7% increase from the same period last year.
Duncan R. MacKenzie, CEO of NYSAR, characterized home sales across the state through the third quarter as strong and constrained only by the ongoing decline in the number of homes available for sale. “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,” MacKenzie says.
Looking ahead to the fourth quarter, MacKenzie says he expects New York state home sales to remain on track to finish near last year's record total.
The National Association of Realtors reports that after three straight months of declines, existing home sales slightly reversed course in September, rising .7%. But ongoing supply shortages and recent hurricanes slowed market activity. The median existing home price for all housing types in September 2017 was $245,100, a 4.2% increase from September 2016. September's price increase marks the 67th straight month of year-over-year gains.
Lawrence Yun, NAR chief economist, says although closings saw a slight gain in September, they declined on an annual basis for the first time in more than a year. He notes homes sales in recent months remain their lowest levels of the year, despite considerable buyer interest in most parts of the country.
“The National Association of Realtors this fall continues to say the primary impediments stifling sales growth are the same as they have been all year; not enough listings—especially at the lower end of the market—and fast-rising prices that are straining the budgets of prospective buyers,” says Yun.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
