The housing market in New York State continued its growth trend in November, according to a report by the New York State Association of Realtors (NYSAR).
‘November's buyers and sellers bucked the typical seasonal slowdown in our statewide housing market,’ comments Duncan MacKenzie, CEO of NYSAR. ‘Looking forward, our data shows a 22.5 percent hike in pending sales, so we anticipate the growth trend that began in the spring to continue through the end of 2013.’
The strong buyer activity drove a 9% growth in the median sales price compared to November 2012, according to the NYSAR report. The statewide median sales price reached $229,000, which marks 18 consecutive months of year-over-year median price gains. The year-to-date (Jan. 1 to Nov. 30) median of $226,000 was 6.4% above the $213,000 median in 2012, says NYSAR.
‘Higher selling prices throughout the year have not deterred consumer activity, which indicates that there is still pent-up demand for homes,’ continues MacKenzie. ‘Sellers are making the biggest gains in this market, with homes selling for 95 percent of the asking price in November, while being on the market fewer days than earlier this year.’
According to the report, there were 8,184 closed sales in November, up 4.8% from the November 2012 total of 7,811. Year-to-date closed sales reached 97,861 at the end of November – an increase of 12.5% from last year.
Pending sales jumped 22.4% to 8,109 in November, compared to 6,627 in November 2012, NYSAR reports. The year-to-date pending sales total of 106,003 is 14% higher than the 92,980 pending sales during the same period last year.
‘We will be keeping a watchful eye on lawmakers in Washington as they consider major housing legislation," MacKenzie adds. "This includes an extension of debt forgiveness when sellers are forced into short sales – and a measure to delay further implementation of National Flood Insurance Program reforms, which are now negatively affecting sales in a number of areas."
To view more of NYSAR's data for November, click here.