Home/Mortgages/New York Home Sales Go Soft in September

October 29, 2012 (Shirley Allen)

With three less selling days in September than in August, sales of existing single-family homes in the state of New York fell by more than twenty percent according to the latest housing data from the New York State Association of Realtors® (NYSAR) but were still almost ten percent lower on a daily average.

An estimated total of 7,664 existing single-family homes were sold in the Empire State in September. That was 22.1 percent lower than the 9,834 homes sold in August and 6.2 percent lower than the 8,173 homes sold in September 2011.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 9.8 percent lower than last month

Through the first nine months of 2012, homes sales in the state are 6.2 percent higher than during the same time period last year.

The median sales price for an existing home in New York remained unchanged from August at $225,000. The median price was still 7.1 percent higher than the median price of $210,000 in September of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “As we enter the final quarter of the year, New York State’s housing market continues to move in a positive direction as closed and pending sales continue to increase compared to a year ago. While we have a seasonal market in our state, which tends to slow down in the fall and winter months, we are positioned to exceed the 2011 closed sales total and project that we will do so.”

Of the 43 counties that provided data for the monthly report, fifteen counties reported year-over year sales gains, down from 23 the previous month, while 21 of the counties posted an increase or had no change in home prices compared to 24 in August.

Suffolk County recorded the most sales for the month with an estimated 846 home sales, down from 1,029 sales the previous month, while Nassau County followed with an estimated 844 home sales for the month, down from 1,035 in August.

The total number of homes for sale across the state fell in September to 92,482 homes, down from 94,293 in August and down from 116,193 homes available last year.

The average number of days that a home spent on the market was 116, up from 111 days in August and up from 112 days in September of 2011.

The state had an average 11.1 months supply of homes available for purchase compared to 11.4 in August. In September of last year, the state had a 15.7 months supply of homes available for purchase.

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