Home/Mortgages/New York Home Sales Post Another Double-Digit Gain

July 25, 2012 (Shirley Allen)

Monthly sales of existing single-family homes in the state of New York posted their second consecutive month of double-digit gains but still barely surpassed last year’s sales level according to the latest housing data from the New York State Association of Realtors® (NYSAR).

An estimated total of 8,865 existing single-family homes were sold in the Empire State in June. That was 11.8 percent higher than the 7,889 homes sold in May and was 0.5 percent higher than the 8,817 homes sold in June 2011.

Through the first half of 2012, homes sales in the state are 5.3 percent higher than during the same time period last year.

The median sales price for an existing home in New York increased to $220,000 in June from $208,000 in May. The median price was 2.3 percent higher than the median price of $215,000 in June of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “With half of 2012 in the books, New York’s housing market is showing solid signs of renewed consumer confidence in housing. With a 15-percent increase in pending sales compared to 2011, we continue to project a solid summer season, which is typically the busiest time for homebuyers in the Empire State.”

Of the 43 counties that provided data for the monthly report, thirty counties reported year-over year sales gains, down from 32 the previous month, while 21 of the counties posted an increase or had no change in home prices compared to 19 in May.

Suffolk County recorded the most sales for the month with an estimated 934 home sales, up from 824 the previous month, while Nassau County followed with an estimated 929 home sales for the month, up from 806 in May.

The total number of homes for sale across the state fell in June to 97,997 homes, down from 100,045 in May and down from 114,778 homes available last year.

The average number of days that a home spent on the market was 118, down from 128 days in May but up from 113 days in June of 2011.

The state had an average 12.2 months supply of homes available for purchase compared to 12.4 in May. In June of last year, the state had a 16.3 months supply of homes available for purchase.

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