Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling 2.6 percent from April 2017, according to the April housing market report released by the New York State Association of REALTORS.
The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month statewide.
“Home sales remain constrained by the continued decline in homes listed for sale and the inability of new home construction to fill the gap,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “However, strong buyer demand pushed April closed sales to the third-highest level on record for the month.”
“We will be keeping a close eye on affordability conditions as the combination of buyer competition driving up sales prices and mortgage rate increases may create an additional market headwind,” said MacKenzie.
The April 2018 statewide median sales price was $260,000, an increase of 11.9 percent from the April 2017 median of $232,250. The year-to-date (Jan. 1 – April 30) median sales price was $258,900, an increase of 7.9 percent from the same period in 2017.
Pending sales increased 2.8 percent in April compared to a year ago to reach 12,697.
The months supply of homes for sale dropped 11.5 percent at the end of April to 5.4 months supply. It was at 6.1 months at the end end of April 2017.
The story was similar locally, while the number of new listings outpaced closed sales for the month in Steuben, Allegany and Livingston counties, the number of homes for sale and months supply versus April of last year fell sharply across the board.
In Steuben County, 127 homes were listed for sale in April, 10 less than the previous year. Total homes on the market dropped a sharp 16.8 percent, from 458 to 381, cutting the supply roughly 16.4 percent, from 6.1 to 5.1 months.
A drop in median sale price, from $95,000 to $89,950 likely reflects the 8.5 percent drop in closed sales in April, according to the report.
In Allegany County, 19 home sales closed in April, two more than in the previous April. The number of homes for sale also fell in Allegany, from 223 to 189. As a result, the homes that sold came off the market at much higher prices than those on the market this time in 2017. The median home sales price rose dramatically from $48,000 to $89,500, nearly on par with Steuben County figures.
In Livingston County, fewer new listings (77 vs. 64), closed sales rising 2.8 percent and fewer homes on the market (falling 179 to 144), meant that homebuyers paid higher prices this April by six percent or $6,000 as the median sale price rose from $110,000 to $116,000 over April 2017.
While median sale prices, closed sales and market volume are considered "strong" locally, they continue to lag behind the consistently higher marks set statewide trends.