ALBANY, NY--(Marketwired - Jul 22, 2014) - Home sellers across New York State saw more offers near or at their asking price during the first half of 2014, receiving 95.2 percent of the asking price at closing, according to the housing market report released today by the New York State Association of REALTORS®. Buyers displayed a willingness to pay more for the right home when faced with fewer choices during the first six months of 2014.
The statewide median sales price was essentially flat in the first half of 2014 compared to 2013, while a difficult winter season slowed the pace of closed sales by 4.4 percent through the first six months of 2014 compared to 2013.
"As we take the pulse of housing market at the half-way point of 2014, New York's REALTORS® find it holding steady and poised to beat stronger as we enter the typically busy summer months," said Duncan MacKenzie, NYSAR CEO. "The combination of the severe winter and low inventory held the housing market back early on, but we are now seeing an upward trend in both pending sales and new listings coming to the market as we closed out June." MacKenzie noted that pending sales were up 4.3 percent and new listings were up nearly 11 percent in June compared to June 2103.
"New York's REALTORS® expect this trend to continue," said MacKenzie. "We project that the housing market will make up lost ground during the summer of 2014 as price gains bring more sellers to the market, and increasing choices result in more buyers finding their 'perfect' home."
There were 44,085 homes sold in the first half of 2014 (Jan. 1 to June 30), down 4.3 percent from the same period in 2013. There were 24,809 homes sold in the 2014 second quarter, down 7.7 percent from the 2013 second quarter. The June 2014 sales total of 9,585 was down 5.9 percent from June 2013.
The median sales price of $221,000 through the first half of 2014, was 0.5-percent above the same period in 2013. The second quarter median of $220,000 was down 2.2 percent from the 2013 second quarter. The June 2014 median of $229,000 was down 3.4 percent from June 2013.
Pending sales declined 2.9 percent in the first six months of 2014 and 1.2 percent in the second quarter compared to 2013, despite an increase of 4.3 percent in June.
The months supply of inventory decreased by 6.3 percent at the end of the 2014 second quarter to 10.4 months supply. It was at 11.1 months at the end of the 2013 second quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,571, a decrease of 1.6 percent compared the 2013 second quarter.
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.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 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®.