Home sales near record high in November

By on January 1, 2018

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month, according to the housing market report released recently by the New York State Association of REALTORS®. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November.

“The near-record number of home sales in November continues to show that buyer enthusiasm remains strong even in the face of ongoing price growth,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “Favorable mortgage rates and a strong economy have combined to help buyers weather the price growth driven in part by the continued decline in homes listed for sale.”

“With one month left in the year, it is clear 2017 will go in the books as a strong year for housing in New York State. Sales remain on track to finish slightly ahead of the 2016 record and we project the median sales price to show growth of 5.5 to six percent.”

The November 2017 sales total of 10,719 represents a decrease of 2.5 percent from the November 2016 record total of 10,991. The year-to-date (January 1 to November 30) sales total of 122,238 was 2.5-percent above the same period last year.

The November 2017 statewide median sales price was $254,000, an increase of 5.8 percent from the November 2016 median of $240,000. The year-to-date (January 1 to November 30) statewide median sales price was $250,000, an increase of 5.9 percent from the same period in 2016.

November 2017 pending sales increased by 5.6 percent from a year ago to reach 9,945.

The month’s supply of homes for sale dropped 11.1 percent at the end of November to 5.6 months supply. It was at 6.3 months at the end of November 2016. A 6 month to 6.5 month supply is considered to be a balanced market. The number of homes for sale stood at 63,916 in November, a decrease of nine percent compared to November 2016.

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