Here is the latest from the New York State Association of Realtors (NYSAR), on the latest housing statistics from November 2012. Overall, the impacts of Sandy do not appear to show up in these November numbers. All of the major indicators showed positive signs, increased sales and price, decreased inventory and days on the market to sell.
November brought tragedy to many East Coast residents. The effects of Sandy compromised basic infrastructure, putting housing activity on hold in the affected areas as recovery took precedence. New Yorkers have a way of uniting during times of need. This is no exception. Where housing is concerned, constraints on buyer and seller activity are to be expected, but the rebuilding blocks for a full recovery remain – for the housing industry and for the communities affected by Sandy.
New Listings were down 19.7 percent to 10,177. Pending Sales increased 2.3 percent to 6,906. Inventory shrank 20.8 percent to 83,380 units. Prices turned higher as the Median Sales Price was up 4.0 percent to $215,000. Days on Market decreased 4.1 percent to 117 days. Months Supply of Inventory was down 29.6 percent to 10.0 months, indicating that demand increased relative to supply.
There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals that began well before the storm. In the months ahead, continue to watch hiring and unemployment trends.
Here is the full NYSAR memo with county by county data. We should have the Capital Region November data within the next week.
