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YTD NY Home Sales Strong Through Q3

Albany, NY – October 21, 2014 – Home sales throughout New York State remained at a strong level through the third quarter of 2014, even as closings fell off the 2013 pace, according to the housing market report released today by the New York State Association of REALTORS. Third quarter closed sales decreased by 4.3 percent compared to the same period last year, while the statewide median sales price remained close to the 2013 third quarter level.

“The third quarter is typically a busy time in our seasonal housing market and 2014 was no exception, posting the third highest closed sales total for this quarter in the past seven years,” said Duncan MacKenzie, NYSAR CEO, noting that 2013 third quarter sales set the high-water mark during that time. “Home sales in the Empire State remained strong as we closed out the third quarter. New York’s REALTORS continue to project that 2014 will finish among the strongest markets in the past several years.”

“The quarter ended on a positive note with gains in closed sales, pending sales, median price and new listings,” MacKenzie said. “Looking ahead, the more than 10-percent increase in September pending sales will help drive the fall market as these transactions work their way through to closing. We anticipate that the new listings coming on to the market will help spur additional 2014 sales.”

There were 32,493 homes sold in the 2014 third quarter, a decrease of 4.3 percent from the 33,939 sold in the 2013 third quarter. The September 2014 sales total of 10,059 was up 1 percent from the September 2013 total of 9,958. The year-to-date (Jan. 1 – Sept. 31) sales total of 77,579 represents a 3.1-percent decrease from the same period last year.

The third quarter 2014 statewide median sales price of $232,000 was 1.3-percent below the $235,000 2013 third quarter median. The September statewide median sales price was $227,500, a 1.1-percent increase from the September 2013 median of $225,000. The year-to-date (Jan. 1 – Sept. 31) median sales price of $225,000 was unchanged from the same period last year.

Pending sales increased by 5.1 percent in the 2014 third quarter to reach 31,404, compared to 29,887 in the 2013 third quarter. September 2014 pending sales jumped 10.6 percent from a year ago to reach 9,804.

The months supply of inventory dropped 3.7 percent at the end of the quarter to 10.3 months supply. It was at 10.7 months at the end of the 2013 third quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,537, a decrease of 1.8 percent compared to the end of the 2013 third quarter.

Additional data is available at NYSRA website.