New York State housing market sets sales record in 2016
Rising 10-percent above last year’s housing market, closed sales of residential properties set a new high-water mark of 130,486 in New York State during 2016, according to the annual housing market report released by the New York State Association of REALTORS. The statewide median sales price also grew by 2.2 percent in 2016 to reach $235,000.
“Strong demand, low mortgage rates and a rising economy drove the New York State housing market to a new annual sales record following its fourth consecutive year of year-over-year growth,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “While the numbers naturally lead to comparisons with the mid-2000s housing boom, this growth cycle is built on the foundation of responsible lending that will enable thousands of families to enjoy their new homes for many years to come.”
“Looking ahead to 2017, homebuyers are expected to be active throughout the winter as they seek to make purchases before any additional mortgage rate increases,” said MacKenzie. “However, these increasing mortgage rates and the continuing decline in the number of homes available for sale could provide significant headwinds to market growth as we move through the year. For sellers, now is a great time to list your home with a REALTOR to enjoy the benefits of limited competition in the marketplace.”
There were 130,486 existing single-family homes sold in 2016, an increase of 10 percent from the 118,602 sold in 2015. There were 33,713 sales of existing single-family homes in the 2016 fourth quarter, an increase of 3.5 percent from 32,573 sales in the 2015 fourth quarter. The 11,146 sales in December 2016 represented an increase of 2.5 percent from December 2015.
The 2016 statewide annual median sales price was $235,000, up 2.2 percent from the $230,000 median in 2015. The fourth quarter 2016 median was $235,000, an increase of 3.1 percent from the fourth quarter 2015 median of $227,900. The December 2016 median sales price was $240,000, an increase of 1.3 percent from the December 2015 median of $237,037.
The months supply of inventory dropped 27 percent at year’s end to a 5.4 months supply. It stood at 7.4 months at the end of 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 60,869 units at the end of 2016, a decrease of 20.5 percent compared to the end of 2015.