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New York home sales decline in July on low inventory; CNY numbers mostly fall

By Eric Reinhardt

Date:

ALBANY, N.Y. — New York realtors sold more than 11,500 previously-owned homes in July, down 7.4 percent from the nearly 12,500 homes sold in July 2016.

That’s according to the latest housing-market report from the New York State Association of Realtors (NYSAR).

“July home sales were typically strong and likely would have been higher except for the ongoing decline in the number of homes for sale,” Duncan MacKenzie, CEO of NYSAR, contended in a news release. “Newly listed homes are moving quickly and multiple purchase offers are becoming more common. These conditions have driven growth in the statewide median sales price to near record levels.”

The NYSAR data indicates that housing inventory stood at 72,316, a decrease of 12.9 percent compared to July 2016.

MacKenzie contends the housing market “should remain active” through the balance of the year, citing “steady” employment levels and consumer confidence and mortgage rates that are “still low.”

“We project that sales will be near the 2016 record, but will continue to be constrained by the low number of homes listed for sale,” said MacKenzie.

Sales data

The year-to-date (Jan. 1 through July 31) home sales total of 70,928 was 2.3 percent above the same period last year.

The statewide median sales price of $270,000 is up 8.4 percent from a year ago.

Pending sales in July rose 3 percent from a year ago to reach 12,568.

The months’ supply of homes for sale dropped 15.8 percent at the end of July to 6.4 months’ supply. It stood at 7.6 months at the end of July 2016. NYSAR considers a 6 month to 6.5 month supply a balanced market.

 

Central New York data

Realtors in Broome County sold 161 existing homes in July, down nearly 2 percent from 164 a year ago, according to the NYSAR report. The median sales price increased about 19 percent to nearly $125,000 from more than $105,000 a year ago.

In Jefferson County, realtors closed on 105 homes in July, up 4 percent from 101 a year ago, and the median sales price increased more than 1 percent to nearly $140,000 from $138,000 in July 2016, according to the NYSAR data.

NYSAR also reports that realtors sold 168 homes in Oneida County last month, down more than 9 percent compared to the 185 sold during July 2016. The median sales price rose about 11 percent to nearly $140,000 from more than $126,000 a year ago.

Realtors in Onondaga County sold 511 previously owned homes in July, a sales decrease of nearly 6 percent compared to the July 2016 total of 542. The median sales price edged up 0.3 percent to $145,500 from $145,000 a year ago, according to the NYSAR report.

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.

Contact Reinhardt at ereinhardt@cnybj.com

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