NY home sales near record high in November

NY home sales near record high in November

The year-to-date (Jan. 1 - Nov. 30) statewide median sales price was $250,000, an increase of 5.9 percent from the same period in 2016.November 2017 pending sales increased by 5.6 percent from a year ago to reach 9,945.The months supply of homes for sale dropped 11.1 percent at the end of November to 5.6 months supply.

At November's sales pace, it would take a record low 3.4 months to exhaust the current inventory, down from 3.9 months in October.

Nationally, home sales increased by 3.2 percent in November compared with a year earlier, according to the National Association of Realtors.

Lawrence Yun, NAR's chief economist, said market conditions were holding back first-time homebuyers, and the bulk of sales activity came from buyers moving into larger houses who are able to make sizable cash down payments.

November marked the third month in a row in which sales strongly beat expectations, showing strength despite an early Thanksgiving that might have otherwise delayed some closings and ushered in the start of the typically slower holiday season. The median existing home price was $248,000, up 5.8% from November 2016 ($234,400). That was the 69th consecutive month of year-on-year price gains.

"The fundamentals remain favorable, with mortgage rates still low and the labor market very strong". Three percent of sales were foreclosures, and 1% were short sales.


"We expect further increases in sales in 2018, although tax reform is likely to modestly reduce demand at the high end (as well as to lower prices for high-priced homes)", he said. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.Salvatore I. Prividera Jr.

Within in ME, home prices jumped more than 24 percent in Piscataquis County in a comparison of quarterly sales.

"The elevated presence of investors paying in cash continues to add a layer of frustration to the supply and affordability headwinds aspiring first-time buyers are experiencing", Yun said in a statement.

November's pending sales was 9,945, up by 5.6 percent from a year ago when the figure was 9,417.

Sales in the West declined 2.3 percent.

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