Motivated homebuyers dominated New York's summer housing market, powering 17.4% jumps in both statewide closed sales and pending sales during the third quarter, while the state median sales price increased by 5.4% statewide, according to the housing market report by the New York State Association of Realtors (NYSAR).
‘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,’ claims Duncan R. MacKenzie, CEO of NYSAR. ‘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,’ he continues, 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. 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.’
Year-to-date statewide sales (Jan. 1 to Sept. 30) were up 11.6% compared to the same period in 2012, reaching 78,745. There were 32,955 closed sales in Q3'13 – up 17.4% from the 2012 total of 28,073. Closed sales in September 2013 were up 14.8%, reaching 9,364.
The year-to-date (Jan. 1 to Sept. 30) statewide median sales price of $226,000 represents a 5.1% increase from the same period a year ago. The 2013 third quarter median of $235,000 is 5.4% above the 2012 third quarter median. The September 2013 median sales price of $230,000 represents a 4.5% jump from the September 2012 median.
The month's supply of inventory dropped 20.2% in September to a 9.9 months' supply; it was at 12.4 months in September 2012. (A six- to 6.5-month supply is considered to be a balanced market.) Inventory stood at 90,286 units in September 2013 – a decrease of 11.2% compared to September 2012.
To view more of NYSAR's data, click here.