Sales drop yet home prices continue to rise in New York State in 3Q

ALBANY, N.Y., Oct. 19, 2018 (GLOBE NEWSWIRE) -- Third quarter closed sales dropped 3.9 percent from a year ago to 38,072 units while median sales prices rose in New York State by 5.8 percent to $275,000 according to the housing market report released today by the New York State Association of REALTORS^®.  This is the fourth straight quarter that sales prices have risen.

Mirroring the national housing market, pending sales were also down slightly by 0.8 percent from last year at this time.  Inventory levels, one of the most closely followed housing statistics, shrank 2.5 percent this quarter from a year ago to 72,288 units. Days on market were also down 10.0 percent to 63 days. With declining supply, remaining properties have sold for higher prices and are spending less time on the market, thus indicating buyers are remaining active.

Year-to-date, there have been 96,898 closed sales in the Empire State, a slight decrease of 2.8 percent from 99,703 a year ago.  New listings actually rose slightly compared to September of 2017, up 0.4 percent from 166,582 units to 167,269 units.

Additional data is available at http://www.nysar.com/industry-resources/market-data

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS^® is a not-for-profit trade organization representing more than 57,000 of New York State’s real estate professionals. The term REALTOR^® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS^®. These REALTORS^® are also members of the New York State Association of REALTORS^® as well as their local board or association of REALTORS^®.

Contact:

Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com