New York realtors sold more than 12,600 previously owned homes during June, down 3 percent from the year-ago period when nearly 13,000 homes changed hands.
That’s according to a housing-market report that the New York State Association of Realtors (NYSAR) issued recently. The trade group blamed the sales decline on a drop in the number of homes available for sale and contends there remains strong buyer interest.
Despite the slight decline, the June data was part of a “record high” for second quarter home sales, reaching a total of 32,444 homes sold, NYSAR boasted.
“Homebuyers, buoyed by a healthy economy and still low mortgage rates, have set sales records for two consecutive quarters in 2017,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “Exceptionally strong buyer demand throughout the first half of 2017 has driven a nearly 3-percent growth in home sales compared to the first six months of 2016,” he said.
“As we look ahead to the second half of the year, we continue to closely monitor the ongoing decline in the number of homes listed for sale,” said MacKenzie. “If the trend continues, we expect an impact on home sales and selling prices.”
A decline in the number of homes for sale, coupled with robust buyer interest, pushed the statewide median sales price up more than 9 percent to $264,000 compared to a year ago.
Pending sales during June rose 4.5 percent from a year ago to reach 14,388.
The months’ supply of homes for sale dropped 17.1 percent at the end of June to 6.3 months of supply. It stood at 7.6 months at the end of June 2016.
NYSAR considers a 6 month to 6.5 month supply a balanced market. Inventory stood at 71,064, a decrease of 14.8 percent compared to June 2016.
Southern Tier data
Realtors in Broome County sold 187 existing homes in June, up 28 percent from 146 a year ago, according to the NYSAR report. The median sales price rose over 10 percent to nearly $112,000 from more than $101,000 a year ago.
In Chemung County, 80 homes changed hands in June, unchanged from a year earlier. The median sales price fell almost 20 percent to nearly $112,000 from $139,000.
Realtors in Chenango County sold 49 existing homes in June, up 26 percent from 39 a year prior. The median sales price jumped 43 percent to $103,000 from nearly $72,000 a year ago.
NYSAR also reports that realtors sold 25 homes in Tioga County in June, down nearly 17 percent from the 30 homes sold during June 2016. The median sales price rose 17 percent to $130,000 from over $111,000 a year ago.
In Tompkins County, realtors closed on 108 homes in June, up 7 percent from 101 a year before, and the median sales price increased nearly 12 percent to almost $254,000 from $227,000 in June 2016, 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.