New York state home sales growth reached 15 consecutive months of growth in April, according to the New York State Association of Realtors (NYSAR) April housing report. New York sales grew 9 percent year-over-year in April, the report says, and the statewide median sales price increased 2 percent during the same period.

  • New York sales grew 9 percent year-over-year in April.
  • New York state's median sales price was $220,000 in April, up 1.9 percent since April of 2015’s median sales price of $216,000.
  • The median price in Kings County (Brooklyn) jumped 22.7 percent, hitting $470,000 from a previous $383,300 last April.
  • Median sales price in Queens increased 11.9 percent in April to reach $449,000.

New York state home sales growth reached 15 consecutive months of growth in April, according to the New York State Association of Realtors (NYSAR) April housing report. New York sales grew 9 percent year-over-year in April, the report says, and the statewide median sales price increased 2 percent during the same period.

“The New York state housing market has been on an upward sales trajectory since February 2015, and we anticipate this trend to continue into the busy summer season,” NYSAR CEO Duncan R. MacKenzie said.  “With the number of homes for sale currently low in many areas, sellers have a great opportunity under the current market conditions.”

In April, there were 8,403 closings in the state, up 8.9 percent from April 2015. Pending sales saw an increase of 15.9 percent to reach 13,354 homes on the market. The median sales price across the Empire State was $220,000 in April, up 1.9 percent since last April’s median sales price of $216,000.

Month’s supply of homes plunged 23.1 percent and is now at a healthier seven months. In April of last year, month’s supply was 9.1 months. NYSAR considers six month’s supply a balanced market, in accordance with most other housing experts.

Inventory also dropped moderately, to the benefit of sellers. The number of homes on the market fell 10.8 percent from last year, at 76,598 total active listings. Part of the total drop in homes on the market is due to fewer new listings, which fell 11.2 percent to reach 21,776.

Brooklyn price skyrockets

The median price in Kings County (Brooklyn) jumped 22.7 percent, hitting $470,000 from a previous $383,300 last April.

Brooklyn faced a 12.5 percent year-over-year dip in sales activity last month. There were 133 closings in Brooklyn in April.

New listings declined by 2.7 percent, reaching 292 homes for sale. Inventory dropped 13.3 percent, from 2,239 to 1,942 listings. Month’s supply in Brooklyn fell to a more balanced 11.4 months but still falls outside of the healthy range. Last April, month’s supply in Brooklyn was 13 months. 

Closed sales in Queens down

Queens County posted similar developments and trends as Brooklyn. Median sales price increased 11.9 percent in April to reach $449,000. Queens had 526 closed sales this April, compared with 590 last April.

Queens, NY/Flickr user Christin

Queens, NY/Flickr user Christin

New listings in Queens also dropped 10.8 percent to reach 1,328. The total number of homes for sale fell 13.7 percent to reach a total of 4,835 listings. Month’s supply is now in a healthy range in Queens, falling 16.2 percent to reach 6.2 months.

Issues for first-time buyers in New York

New York has some of the highest closing costs in the nation, which creates headwinds for renters to achieve homeownership — even after putting together a down payment.

The NY First Home Campaign from NYSAR would allow individuals to save $5,000 (or $10,000 for couples) per year into a closing costs savings account. In addition to tax deduction incentives, the principal and gain on the savings would be tax free.

“New York’s Realtors are asking their legislators to support the NY First Home proposal that would create a savings account program for the purchase of a home,” Mackenzie said. “The funds would be deductible on state income taxes to provide an incentive to save.”

Email Jennifer Riner

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×