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NYSAR Reports Q3 Dip in New York State Home Sales

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Across New York state, there were 38,445 homes sold, according to the New York State Association of Realtors Q3 housing market report. Although this represents a 3.1% drop from 39,693, the total number of homes sold from same quarter of 2016, the association remains optimistic noting it is the second best on record for the period.

Although the numbers of homes sold in the quarter decreased, the statewide median sales price for the quarter was $261,500, an increase of 5%, compared to the Q3 2016 median price of $249,000. The statewide median sales price through the first three quarters of the year was $250,00, a 5.5% increase from the same period in 2016. A total of 98,176 sales closed through the first nine months of 2017. That represents 1.7% increase from the same period last year.

Duncan R. MacKenzie, CEO of NYSAR, characterized home sales across the state through the third quarter as strong and constrained only by the ongoing decline in the number of homes available for sale. “Given the positive market factors including a healthy economy and stable mortgage rates, we believe sales would have pushed higher had more homes been available to buyers,” MacKenzie says.

Looking ahead to the fourth quarter, MacKenzie says he expects New York state home sales to remain on track to finish near last year’s record total.

The National Association of Realtors reports that after three straight months of declines, existing home sales slightly reversed course in September, rising .7%. But ongoing supply shortages and recent hurricanes slowed market activity. The median existing home price for all housing types in September 2017 was $245,100, a 4.2% increase from September 2016. September’s price increase marks the 67th straight month of year-over-year gains.

Lawrence Yun, NAR chief economist, says although closings saw a slight gain in September, they declined on an annual basis for the first time in more than a year. He notes homes sales in recent months remain their lowest levels of the year, despite considerable buyer interest in most parts of the country.

“The National Association of Realtors this fall continues to say the primary impediments stifling sales growth are the same as they have been all year; not enough listings—especially at the lower end of the market—and fast-rising prices that are straining the budgets of prospective buyers,” says Yun.

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