Homebuyer activity remained strong throughout 2017, driving closed sales past the 2016 record to reach 134,066 homes sold, according to the annual housing market report released by the New York State Association of REALTORS. The statewide median sales price also grew by 5.5 percent in 2017 to reach $250,000.
“Strong buyer demand combined with still-low mortgage rates and confidence in the economy pushed the 2017 New York State housing market to a record high and fifth consecutive year of growth,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Median sales price growth throughout the year was driven by the brisk buyer competition in the ongoing low inventory marketplace.”
“As we look ahead to 2018, continuing inventory constraints and the possible effects of federal tax reform are likely headwinds, but we do not foresee a significant dip in home sales or prices,” MacKenzie said. “We also believe that New York State government has an opportunity in 2018 to help its residents become first-time home-owners by creating a state tax incentive to save for down payment and closing costs. Communities are strengthened by higher homeownership rates and any lost revenues from the tax incentive will be more than recovered by the economic activity that follows home buying.”
There were 134,066 existing single-family homes sold in 2017, an increase of 2.4 percent from the 130,949 sold in 2016. There were 34,799 sales of existing single-family homes in the 2017 fourth quarter, an increase of 1.1 percent from the 34,414 sales in the 2016 fourth quarter. The 11,068 sales in December 2017 represented a decrease of 5.2 percent from December 2016.
The 2017 statewide annual median sales price was $250,000, up 5.5 percent from the $236,870 median in 2016. The fourth quarter 2017 median was $250,000, an increase of 6.4 percent from the fourth quarter 2016 median of $235,000. The December 2017 median sales price was $260,000, an increase of 8.3 percent from the December 2016 median of $240,000.
The month’s supply of inventory dropped 10.7 percent at year’s end to a 5 months’ supply. It stood at 5.6 months at the end of 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 56,806 units at the end of 2017, a decrease of 9.5 percent compared to the end of 2016.
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 now include townhomes and condominiums in addition to existing single-family homes.
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