Home Prices in New York Continue to Increase
Fewer homes for sale and a growing economy lead to home price growth in New York State, according to a housing report for November released recently by the New York Association of REALTORS® (NYSAR), the median sales price of a home in New York was $254,000, a 5.8% increase over the same time in 2016.
The price increase has been a regular occurrence in New York in 2017, especially given the high demand for housing, the creation of more jobs, a burgeoning stock market and an improved economy over the previous 12 months.
“Sales remain on track to finish slightly ahead of the 2016 record and we project the median sales price [for the entire year] to show growth of 5.5 to six percent,” said Duncan R. MacKenzie, CEO of NYSAR.
Closed sales decreased 2.5% from November 2016, but were still significantly higher than either 2014 (plus 21.2%) or 2015 (plus 10.2%).
Buyer enthusiasm has not waned in the face of fewer homes from which to choose.
The housing stock available for purchase decreased again as the month’s supply of inventory was down 11.1% to 5.6 months. The ongoing decline in number of homes for sale has likely held back overall market growth and is likely to continue into 2018.
Learn more from the New York State Association of REALTORS®: Home sales near record high in November