DataMarkets & Economy

New York home sales up, inventory down at 2016 midway point

NYSAR predicts hot summer market and low mortgage rates will push growth through the seasons
  • With the first half of the year's sales up over 15 percent, NYSAR expects statewide sales to hit 100,000 for the second year in a row.
  • The statewide median price reached $230,000 in both the first half and second quarter, up 2.2 percent from last year's mid-way point and 2.4 percent from last year's second quarter.
  • Closed sales in June showed a 9.6 percent year-over-year increase, reaching 12,176.

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The second quarter of 2016 helped the New York state housing market move up, with year-to-date sales up 15.4 percent from 2015, according to the New York State Association of Realtors (NYSAR). The association expects New York home sales to hit 100,000 for the second year in a row. “Realtors across the state are reporting robust buyer activity as confident consumers are taking advantage of favorable market conditions, including mortgage rates hovering near historic lows,” NYSAR CEO Duncan R. MacKenzie said in a statement. Median price increased by 2.2 percent compared to last year’s halfway point, says the report, which tracked activity from January 1 through June 30. MacKenzie says New York is in 17 consecutive months of sales growth, a trend NYSAR anticipates will continue past summer. Demand is also on the up, according to NYSAR, which means monitoring inventory and months supply are pertinent to determining the health of the market moving forward. Months supply ...