ALBANY, NY--(Marketwired - Dec 19, 2013) - The Empire State's November housing market posted a 4.8-percent increase in closed sales compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS®. The strong buyer activity also drove a 9-percent growth in the median sales price compared to November 2012.
"November's buyers and sellers bucked the typical seasonal slowdown in our statewide housing market," said Duncan MacKenzie, NYSAR CEO. "Looking forward, our data shows a 22.5-percent hike in pending sales so we anticipate the growth trend that began in the spring to continue through the end of 2013."
The statewide median sales price reached $229,000, an increase of 9 percent compared to the November 2012 median of $210,000. This marks 18 consecutive months of year-over-year median price gains. The year-to-date (Jan. 1 to Nov. 30) median of $226,000 was 6.4 percent above the $213,000 median in 2012.
"Higher selling prices throughout the year have not deterred consumer activity, which indicates that there is still pent up demand for homes," said MacKenzie. "Sellers are making the biggest gains in this market with homes selling for 95 percent of the asking price in November, while being on the market fewer days than earlier this year."
"We will be keeping a watchful eye on lawmakers in Washington as they consider major housing legislation. This includes an extension of debt forgiveness when sellers are forced into shortsales and a measure to delay further implementation of National Flood Insurance Program reforms, which are now negatively affecting sales in a number of areas," MacKenzie noted.
There were 8,184 closed sales in November, up 4.8 percent from the November 2012 total of 7,811. Year-to-date (Jan. 1 to Nov. 30) closed sales reached 97,861 at the end of November, an increase of 12.5 percent from last year.
Pending sales jumped 22.4 percent to 8,109 in November 2013 compared to 6,627 in November 2012. The year-to-date (Jan. 1 to Nov. 30) pending sales total of 106,003 is 14 percent higher than the 92,980 pending sales during the same period last year.
The months supply of inventory fell 21.2 percent in November to 8.95 months supply. It was at 11.3 months in November 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 83,019 units in November 2013, a decrease of 10.5 percent compared to November 2012.
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®.