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Homebuyers Keep the New York State Housing Market Hot

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REGIONAL SPOTLIGHT– Robust buyer activity continued to drive the summer housing market across New York State during August with gains being posted in closed sales, median price and pending sales, according to a housing market report released recently by the New York State Association of REALTORS®.

The New York State August closed sales total rose 8.6 percent compared to August 2012, while the median price climbed 10 percent and pending sales jumped nearly 16 percent.

“Homebuyers have clearly decided that the summer of 2013 was a great time to purchase a home in New York,” says Duncan R. MacKenzie, NYSAR CEO. “With one eye on mortgage rates and the other on available inventory, motivated buyers signed contracts at a brisk pace, pushing the pending sales count to the highest August total since 2006.”

“Tight inventory levels continued to spur statewide price gains as sellers exercised their growing leverage in negotiations,” says MacKenzie. “As a result, the August statewide median of $242,000 became the highest median price for any month since February 2008.” He added that the statewide market has posted its 15th consecutive month of steady or rising statewide median sales prices, while inventory reached its lowest level in August since 2005.

“While the summer months tend to be the busiest in our seasonal market, New York’s REALTORS® project that the current housing market trends will continue into the fall,” says MacKenzie.

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