Home/Mortgages/New York Home Sales End Summer Strong

October 2, 2012 (Shirley Allen)

The summer selling season ended on a high note in the state of New York in August as the monthly sales of existing single-family homes posted a double-digit increase over July according to the latest housing data from the New York State Association of Realtors® (NYSAR).

An estimated total of 9,834 existing single-family homes were sold in the Empire State in August. That was 12.5 percent higher than the 8,745 homes sold in July and 3.9 percent higher than the 9,468 homes sold in August 2011.

Through the first eight months of 2012, homes sales in the state are 6.8 percent higher than during the same time period last year.

The median sales price for an existing home in New York fell to $225,000 in August from $233,000 in July. The median price was still 4.0 percent higher than the median price of $216,250 in August of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “Posting the highest monthly sales total in more than two years is a welcome milestone for the statewide housing market’s continuing recovery. Other positive signs through the first eight months of 2012 can be found in the steady growth in closed and pending sales on a year-to-date basis as well as the stable median sales price. We look for these trends to continue into the early fall.”

Of the 43 counties that provided data for the monthly report, twenty-three counties reported year-over year sales gains, up from 21 the previous month, while 24 of the counties posted an increase or had no change in home prices compared to 25 in July.

Nassau County recorded the most sales for the month with an estimated 1,035 home sales, up from 898 sales the previous month, while Suffolk County followed with an estimated 1,029 home sales for the month, up from 920 in July.

The total number of homes for sale across the state fell in August to 94,293 homes, down from 95,303 in July and down from 120,512 homes available last year.

The average number of days that a home spent on the market was 111, down from 112 days in July but up from 109 days in August of 2011.

The state had an average 11.4 months supply of homes available for purchase compared to 11.6 in July. In August of last year, the state had a 16.3 months supply of homes available for purchase.

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