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Homebuyers Keep the New York State Housing Market Hot

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The August market posted 11,519 closed sales, up 8.6 percent from the August 2012 total of 10,607. The year-to-date (Jan. 1 – Aug. 31) sales total of 68,660 represents a 10.1-percent increase from the same period last year.

The statewide median sales price reached $242,000, an increase of 10 percent compared to the August 2012 median of $220,000. The year-to-date (Jan. 1 – Aug. 31) median sales price of $226,500 represents a 6.3-percent increase from the same period last year.

Pending sales reached 11,099, an increase of 15.9 percent compared to the August 2012 total of 9,577.

The months supply of inventory dropped 21.9 percent in August to 10 months supply. It was at 12.8 months in August 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 90,890 units in August 2013, a decrease of 12.5 percent compared to August 2012.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

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