Regional Spotlight—Motivated homebuyers dominated the Empire State’s summer housing market, powering 17.4-percent jumps in both statewide closed sales and pending sales during the third quarter, according to the housing market report just released by the New York State Association of REALTORS®. The state median sales price increased by 5.4 percent statewide.
“The summer of 2013 will be remembered for the New York State housing market’s return to normalcy – that is buyers were buying and sellers were selling,” says Duncan R. MacKenzie, NYSAR CEO. “Buyers were highly motivated by concerns about mortgage rate hikes and available inventory, while sellers were enticed back to the market by five consecutive quarters of sales price growth.”
“As available inventory contracted in the third quarter to levels reminiscent of the 2005 and 2006 markets, sellers benefited from quicker sales that closed at nearly 96 percent of the asking price,” MacKenzie says, noting that the price increases have not deterred buyers in this market.
“The 31,540 pending sales in the third quarter of 2013 set the high-water mark for any third quarter pending total since 2006,” says MacKenzie. “As many of these contracts work their way to closing, it will help fuel the fall market. However, we do anticipate that the current hectic pace of activity will begin to taper as fall turns to winter.”