ALBANY, NY--(Marketwire - Dec 20, 2012) - For the second consecutive month, the New York State housing market posted gains in closed sales, pending sales and median sales price compared to the same period in 2011. Closed sales of existing single-family homes, condo and co-op transactions increased compared to November 2011 by 4 percent, according to the housing market report released today by the New York State Association of REALTORS®. Pending sales were up 2.3 percent and the median sales price rose by 4 percent compared to November 2011.
"Continued low mortgage rates and an overall strengthening of the economy helped the statewide housing market improve in November and throughout 2012," said Duncan R. MacKenzie, NYSAR CEO. "This is also the sixth consecutive month of stable or increasing prices, which demonstrates that there is some potential for sustainability to the modest housing recovery in 2012."
"We do expect the progress of the statewide housing market going forward to be impacted as the full effects of Superstorm Sandy become clear," MacKenzie said. "We know that housing activity in several large markets came to a virtual standstill and will remain impacted for months to come."
The November market posted 7,320 closed sales, up 4 percent from the November 2011 total of 7,036. Year-to-date (Jan. 1 to Nov. 30) closed sales reached 85,259 at the end of November, an increase of 7 percent from last year.
The statewide median sales price reached $215,000, an increase of 4 percent compared to the November 2011 median of $206,800. The year-to-date (Jan. 1 to Nov. 30) median of $212,500 was 1.2-percent behind the $215,000 median in 2011.
Pending sales increased 2.3 percent to 6,906 in November 2012 compared to 6,752 in November 2011. November 2012 marked 13 consecutive months of pending sales gains. The year-to-date (Jan. 1 to Nov. 30) pending sales total of 94,391 is 13.2-percent higher than the 83,368 pending sales during the same period last year.
The months supply of inventory continued to trend toward a more balanced market, dropping 29.6 percent in November to 10 months supply. It stood at 14.2 months in November 2011. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 83,380 units in November 2012, a decrease of 20.8 percent compared to November 2011.
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®.