New York Housing market continues upward trend
The first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales, according to the latest report from the New York State Association of REALTORS®. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most local residential real estate markets.
However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
New Listings were up 2.4 percent to 21,192. Pending Sales increased 1.2 percent to 12,835. Inventory grew 1.1 percent to 64,531 units.
Prices moved higher as the Median Sales Price was up 6.3 percent to $271,000.
Days on Market decreased 2.4 percent to 83 days. Months Supply of Inventory was up 3.6 percent to 5.8 months.
Hiring and wage gains have been below expectations, and the New York unemployment rate ticked up by 0.1 percent to 4.0 percent during March 2019, which was higher than the comparative national rate of 3.8 percent. In order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.