Home/Mortgages/New York Home Sales Cool in July

September 10, 2012 (Shirley Allen)

Monthly sales of existing single-family homes in the state of New York cooled slightly in July following two consecutive months of double-digit increases according to the latest housing data from the New York State Association of Realtors® (NYSAR).

An estimated total of 8,745 existing single-family homes were sold in the Empire State in July. That was 1.3 percent lower than the 8,865 homes sold in June but was still 4.7 percent higher than the 8,352 homes sold in July 2011.

Through the first seven months of 2012, homes sales in the state are 6.3 percent higher than during the same time period last year.

The median sales price for an existing home in New York increased to $233,000 in July from $220,000 in June. The median price was 5.9 percent higher than the same median price of $220,000 in July of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “New Yorkers continue to regain their confidence in housing as we move through the typically active summer months. Despite a dip in closed and pending sales between June and July, the year-to-date figures show an overall market improvement through the first seven months of the year.”

Of the 43 counties that provided data for the monthly report, twenty-one counties reported year-over year sales gains, down from 30 the previous month, while 25 of the counties posted an increase or had no change in home prices compared to 21 in June.

Suffolk County recorded the most sales for the month with an estimated 968 home sales, up from 920 sales the previous month, while Nassau County followed with an estimated 908 home sales for the month, up from 898 in June.

The total number of homes for sale across the state fell in July to 95,303 homes, down from 97,997 in June and down from 122,635 homes available last year.

The average number of days that a home spent on the market was 112, down from 118 days in June but up from 109 days in July of 2011.

The state had an average 11.6 months supply of homes available for purchase compared to 12.2 in June. In July of last year, the state had a 16.8 months supply of homes available for purchase.

Tags: New York real estate,existing homes, condos, sales, median home prices, New York