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New York’s closed home sales rise nearly 17 percent in August

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

ALBANY, N.Y. — New York realtors sold 14,808 previously owned homes in August, up nearly 17 percent from 12,663 homes sold in August 2020.

However, pending sales in August fell about 8 percent, indicating closed sales could take hit in upcoming months.

The data comes from the New York State Association of Realtors (NYSAR)’s August housing-market report issued Sept. 22.

“The number of homes sold has risen for 12 consecutive months in year-over-year comparisons despite a continuation of low inventory across the Empire State,” NYSAR said in the housing report.

Sales data

Pending sales totaled 15,357 homes in August, a drop of 8.4 percent from the 16,766 pending home sales in the same month in 2020, according to the NYSAR data.

The constrained supply of homes for sale continued push home sales up sharply.

The August 2021 statewide median sales price surged 30 percent to $395,000 from $304,000 a year ago.

The months’ supply of homes for sale at the end of August stood at 3.2 months, down 36 percent from 5 months a year prior, per NYSAR’s report. A 6 month to 6.5 month supply is considered to be a balanced market. 

The number of homes for sale totaled 43,106 in August, a decline of about 21 percent compared to August 2020.

Central New York data

Realtors in Onondaga County sold 562 previously owned homes in August, up about 1 percent compared to the 554 sold in the same month in 2020. The median sales price rose about 5 percent to more than $195,000, up from $185,000 a year earlier, according to the NYSAR report.

NYSAR also reports that realtors sold 196 homes in Oneida County in August, up about 9 percent compared to the 180 sold during August 2020. The median sales price increased about 8 percent to more than $177,000 from nearly $165,000 a year ago.

Realtors in Broome County sold 199 existing homes in August, down about 2 percent from 204 a year ago, according to the NYSAR report. The median sales price rose about 21 percent to $160,000 from nearly $132,000 a year ago. 

In Jefferson County, realtors closed on 148 homes in August, down less than 1 percent from 149 a year prior, and the median sales price of $203,000 is up about 11 percent from $182,000 a year ago, according to the NYSAR data.

All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.