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New York home sales rise 4 percent in October, CNY numbers mixed

By Eric Reinhardt

Date:

ALBANY, N.Y. — New York realtors sold nearly 12,200 previously-owned homes in October, up 3.7 percent from more than 11,700 in October 2016.

The October sales figure represents a “new record high” for the month, according to the New York State Association of Realtors’ (NYSAR) October housing-market report. The previous October sales record was 11,926 in October 2015, NYSAR said.

“In October and throughout 2017 strong homebuyer demand and low inventory combined to drive sales prices higher,” Duncan MacKenzie, CEO of NYSAR, said in the organization’s report. “Many newly listed homes are selling quickly as evidenced by a nearly 13-percent drop in the number of days homes are on the market.”

NYSAR is projecting that 2017 home sales “could finish slightly ahead of last year’s record total” and that the median sales price growth will be 5 to 5.5 percent above 2016 “given the current market trends, including the October growth in both listed homes and pending sales,” according to MacKenzie.

Sales data

The October 2017 statewide median sales price was $249,900, up 9.1 percent from the October 2016 median of $229,000.

This October’s pending sales increased 10.4 percent from a year ago to reach 11,823.

The months’ supply of homes for sale dropped 9 percent at the end of October to 6.1 months’ supply. It stood at 6.7 months a year ago.

The number of homes for sale stood at 69,321 in October, down 6.6 percent from October 2016.

NYSAR considers a 6 month to 6.5 month supply a balanced market.

Central New York data

Realtors in Broome County sold 154 existing homes in October, up 14 percent from 135 a year ago, according to the NYSAR report. The median sales price decreased more than 1 percent to $106,300 from $108,000 a year ago.

In Jefferson County, realtors closed on 95 homes in October, down 11 percent from 107 a year ago, and the median sales price decreased more than 15 percent to $142,000 from $168,000 in October 2016, according to the NYSAR data.

NYSAR also reports that realtors sold 231 homes in Oneida County last month, up about 17 percent compared to the 197 sold a year prior. The median sales price rose nearly 8 percent to $130,000 from more than $120,000 a year ago.

Realtors in Onondaga County sold 487 previously owned homes in October, a sales decrease of more than 10 percent compared to the October 2016 total of 545. The median sales price fell 5.5 percent to $138,000 from $146,000 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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