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NYSAR blames weather for February decline in New York home sales

By Eric Reinhardt

Date:

A trade organization is blaming the winter weather for a nearly 6 percent decrease in sales of previously owned New York homes in February compared to the same month in 2013.

The figure is part of a monthly housing-market report that the New York State Association of Realtors (NYSAR) released last week.

Realtors across the state closed more than 5,300 sales in February, down 5.9 percent from the February 2013 total of nearly 5,700. 

“February’s harsh winter conditions were undoubtedly the culprit for the year-over-year sales drop,” Duncan MacKenzie, CEO of NYSAR, said in the news release, adding that new listings also declined during the month.

“While many would-be sellers were in hibernation, buyers facing fewer options helped lift the statewide median sales price for the 21st time in the last 24 months,” MacKenzie said. 

The number of new listings in February fell 12 percent compared to the same month a year ago.

The statewide median sales price continued its growth trend, increasing by nearly 7 percent compared to last February, NYSAR said.

Pending sales were down nearly 6 percent to more than 6,800 in February, compared to more than 7,200 during the same month in 2013.

The available inventory of homes for sale totaled more than 74,000, a decline of 11 percent from February 2013.

The inventory of homes, measured by months of supply, fell about 21 percent in February to 8 months from 10.1 months a year prior.

A 6 month to 6.5 month supply is considered a balanced market, according to NYSAR.

CNY county sales
In Broome County, realtors closed 64 home sales in February, down nearly 17 percent from 77 a year ago. The median sales price rose 20 percent to nearly $120,000, compared to $100,000 in February 2013.

In Onondaga County, realtors closed 203 home sales in February, up more than 5 percent from 193 in the year-earlier period. The median sales price fell more than 4 percent to nearly $120,000.

In Oneida County, closed home sales fell more than 15 percent to 76 in February, compared to 90 in the year-ago period. The median sales price rose nearly 10 percent to more than $113,000.

Albany–based NYSAR is a nonprofit trade organization representing more than 47,000 New York state realtors.

Contact Reinhardt at ereinhardt@cnybj.com

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