New York housing market stays hot in April

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Home sales grew by 9% year-over-year in April in New York, according to the New York State Association of Realtors (NYSAR). The statewide median sales price was up nearly 2% compared to a year ago.

“The New York State housing market has been on an upward sales trajectory since February 2015 and we anticipate this trend to continue into the busy summer season,” said Duncan R. MacKenzie, CEO of NYSAR.

MacKenzie said market activity has been strong across the state, reflected in the nearly 16% growth in pending sales compared to a year ago. Because of low inventory numbers, it remains a mostly sellere’s market. Buyers, meanwhile, have plenty of incentives.

“While mortgage rates, jobs growth and the economic conditions are favorable for many homebuyers, those looking to enter the market for the first time continue to struggle in many cases,” MacKenzie said. “New York State’s closing costs are among the highest in the nation. This presents a significant barrier for first-time buyers, who find it difficult to save enough money to cover closing costs and down payments.”

Savings account program

NYSAR is asking the General Assembly to support the NY First Home proposal that would create a savings account program for the purchase of a home. The funds would be deductible on state income taxes to provide an incentive to save.

Stats from the April home sales report include:

  • The sales total of 8,403 units represents an increase of 8.9% from the April 2015 total of 7,714.
  • The median sales price was $220,000, up 1.9% from a year ago.
  • Pending sales increased by 15.9% from a year ago to reach 13,354.
  • The months supply of homes for sale dropped 23.1% at the end of April to seven months supply. It was at 9.1 months at the end of April 2015. A six month to 6.5 month supply is considered to be a balanced market. Inventory stood at 76,598, a decrease of 10.8% compared to April 2015.

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