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New York state, CNY home sales decline year-over-year in June

By Eric Reinhardt

Date:

Other housing indicators start to improve 

ALBANY — New York realtors closed on the sale of 8,107 previously owned homes in June, down 34 percent from 12,276 homes sold in June 2019, as the pipeline of sales was constricted by coronavirus social-distancing measures in place before June and by a lack of inventory.

That’s according to the New York State Association of Realtors (NYSAR)’s June housing-market report issued July 22.

However, other measures of the housing market started to improve, especially compared to the April and May housing reports.

Realtors started to show homes to buyers in-person, resulting in a 4.6 percent increase in new listings in June to 22,253 homes from 21,272 a year ago. However, year-to-date, new listings “are still depressed 28.3 percent from 2019,” NYSAR said.

Pending sales in June totaled 13,668, down just 1.2 percent from 13,834 a year ago, but 25.1 percent lower year-to-date compared to 2019.

Sales data

The association said inventory continues to be a big problem for realtors trying to make sales as the number of homes for sale fell 19.6 percent from 72,432 units in June 2019 to 58,215 homes this June. 

The months’ supply of homes for sale fell from 6.3 months of supply a year prior to 5.7 months this June. A 6 month to 6.5-month supply is considered to be a balanced market, per NYSAR. 

The June 2020 statewide median sales price was $300,000, up nearly 2 percent from the June 2019 median sales price, according to the NYSAR data.

Central New York data

Realtors in Onondaga County sold 300 previously owned homes in June, down about 42 percent compared to the 516 sold in the same month in 2019. The median sales price rose about 1 percent to $165,000 from $163,000 a year ago, according to the NYSAR report.

NYSAR also reports that realtors sold 116 homes in Oneida County in June, down about 28 percent from the 161 sold in June 2019. The median sales price increased 10 percent to nearly $143,000 from $130,000 a year ago.

Realtors in Broome County sold 85 existing homes in June, down about 49 percent from 167 a year ago, according to the NYSAR report. The median sales price fell about 4 percent to more than $111,000 from nearly $116,000 a year ago.

In Jefferson County, realtors closed on 95 homes in June, down about 12 percent from 108 a year ago, and the median sales price of $168,000 is up 12 percent from $150,000 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.         

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