New York State Home Sales Still Strong in Early 2018

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According to the New York State Association of Realtors, with 25,192 closed residential sales across New York State in the first quarter of 2018, the housing market posted a strong start to 2018, even as it fell short of 2017's record. The first quarter 2018 statewide median sales price of $260,000 represented an increase of 7.4 percent from a year ago.

"The record-setting 2017 housing market is proving to be a tough act to follow as the continuing decline in listed homes is slowing down eager buyers," said Duncan R. MacKenzie, CEO of the New York State Association of Realtors. "The 2018 first quarter sales total is the second highest on record, providing unmistakable evidence that buyer demand is still high as we move toward the typically busy spring and summer markets."

"Moving forward, the ongoing health of the housing market will be dictated by the much-needed return of home sellers and gains in the construction of new homes to meet buyer demand," MacKenzie said, adding that the current market conditions offer a terrific opportunity for sellers. "While mortgage rate increases have not yet deterred buyers, we will be watching for any potential impact the predicted future interest rate increases may have on home sales."

There were 25,192 closed sales in the 2018 first quarter, down 3.9 percent from the 2017 first quarter total of 26,214. March 2018 closed sales decreased by 9.3 percent compared to a year ago to 8,574.

The 2018 first quarter statewide median sales price was $260,000, an increase of 7.4 percent compared to the first quarter 2017 median of $242,000. The March 2018 statewide median sales price of $260,000 represents an increase of 7.4 percent compared to the March 2017 median of $242,000.

Pending sales decreased 2.6 percent to 29,103 in the 2018 first quarter compared to the 2017 first quarter total of 29,895. March 2018 pending sales (11,686) were down 5.3 percent compared to March 2017 (12,338).

The months supply of inventory dropped 12.1 percent at the end of the first quarter to 5.1 months supply. It was at 5.8 months at the end of the 2017 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 57,975, a decrease of 10.2 percent compared to the 2017 first quarter.