AgentMarkets & Economy

New York February home sales hit ‘highest mark in a decade’

Despite seasonality, The Empire State continues upward trend of closings
  • In addition to a high number of home sales, the median sales price rose 4.4 percent year-over-year to reach $235,000.
  • Although the total number of listings declined on an annual level, the Empire State had an increase of 20.8 percent in new listings, from 12,287 in February 2015 to 14,845 in February 2016.
  • The number of homes for sale last month in Brooklyn dropped 14 percent year-over-year to reach 1,878 listings.
  • New York County, encompassing Manhattan, was not reported.

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New York state home sales heated up during a balmy February, with 7,521 closings in total. With an increase of 19.5 percent from last year, when the state had 6,292 closings, the housing market across New York is bolstering, according to the New York State Association of Realtors housing market report. “Buyers taking advantage of the unseasonably mild weather and continued low mortgage rates drove the February closed home sales total to the highest mark in a decade,” said Duncan R. MacKenzie, NYSAR CEO. “Combined with the strong January sales total, the Empire State housing market is starting the year with sales nearly 19 percent above the first two months of 2015. Looking ahead, the nearly 22 percent jump in pending sales bodes well for a strong finish to the first quarter.” Closed sales in January jumped 13 percent year-over-year, reaching 7,640 closings in total. In addition to a high number of home sales, the median sales price rose 4.4 percent year-over-y...