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New York home sales edge up in April, prices soar

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

CNY sales dip    

ALBANY, N.Y. — New York realtors sold 11,089 previously owned homes in April, up 1.2 percent from the 10,954 homes they sold in April 2021.

But the big story is the continued sharp rise in home prices amid the tight supply of homes. The April 2022 statewide median sales price was $470,000, up nearly 29 percent from the year-prior median sales price of $365,000, and more than 80 percent higher than the $260,000 median in April 2020. This marks 24 straight months in year-over-year comparisons that the median sales price has increased.

The data comes from the New York State Association of Realtors (NYSAR)’s April housing-market report issued May 19. 

New York sales data

Pending sales, representing homes under contract, totaled 13,606 in April, down 0.4 percent from 13,667 pending sales in the same month in 2021, according to the NYSAR data. This points to a possible slight decline in closed home sales in the next month or two.

The months’ supply of homes for sale at the end of April stood at 2.6 months, down almost 19 percent from 3.2 months a year ago, per NYSAR’s report. A 6 month to 6.5-month supply is considered to be a balanced market, the association says. 

The number of homes for sale totaled 32,681 in April, down 22 percent from 41,938 a year earlier and off almost 47 percent from three years ago.

Central New York data

Realtors in Onondaga County sold 288 previously owned homes in April, down more than 13 percent from the 332 homes sold in the same month in 2021. The median sales price rose over 12 percent to $200,000 from $178,000 a year ago, according to the NYSAR report.

The association also reports that realtors sold 122 homes in Oneida County in April, down almost 5 percent from the 128 they sold in April 2021. The median sales price inched up just over 1 percent to nearly $170,000 from $168,000 a year prior.

Realtors in Broome County sold 111 existing homes in April, down 26 percent from 150 a year earlier, according to the NYSAR report. The median sales price rose nearly 8 percent to $138,500 from $128,600 a year ago.

In Jefferson County, realtors closed on 100 homes in April, off 11.5 percent from 113 a year prior, and the median sales price of $167,900 was down slightly from $168,000 in April 2021, 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.