ALBANY, NY--(Marketwired - Jun 23, 2014) - The New York State median home sales price increased by 1.3 percent in May compared to May 2013, while the number of closed sales fell by more than 14 percent compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS®. Closed sales are down 5.2 percent compared to the first five months of 2013.
"The growth in home values across New York State continues to be a bright spot for the 2014 housing market in our state," said Duncan MacKenzie, NYSAR CEO, noting that in 22 of the past 24 months the statewide median sales price has grown or held steady with the prior year's median. "Despite slightly weaker buyer demand, sellers are still closing sales more than 95 percent of their asking price."
"Pending and closed sales lagged in May compared to the very strong May 2013 market," MacKenzie said, adding that the sales pipeline may still be suffering under the effects of the weather-related market slowdown to start the year. "With a nearly 5-percent increase in new listings during May, we expect buyer activity to increase into the summer months as a greater selection of homes become available."
The May market posted 7,848 closed sales, down 14.4 percent from the May 2013 total of 9,170. The year-to-date (Jan. 1 - May 31) sales total of 34,009 represents a 5.2-percent decrease from the same period last year.
The statewide median sales price was $219,000 in May, a 1.3-percent increase from the May 2013 median of $217,000. The year-to-date (Jan. 1 - May 31) median sales price of $220,000 represents an increase of 2.1 percent compared to the same period last year.
Pending sales declined 6.7 percent to 11,140 in May compared to 11,945 in May 2013.
The months supply of inventory dropped 8.3 percent at the end of May to 10 months supply. It was at 10.9 months at the end of May 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 90,164, a decrease of 4 percent compared to May 2013.
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®.