New York State home sales rise alongside prices

October 21, 2013 01:55PM

Home sales in New York State leapt 17.4 percent in the third quarter, compared to the same period a year ago, buoyed by buyer concerns about rising mortgage rates and sellers’ encouragement after five consecutive quarters of price growth, according to a report from the New York State Association of Realtors.

A whopping 32,955 sales closed in the third quarter of 2013, up from a total of 28,073 during the same period in 2012. In September alone, sales rose 14.8 percent to 9,364, while statewide sales from January 1 to September 30 hit 78,745, up 11.6 percent year-over-year.

Sales prices increased as well, with the statewide median sales price hitting $226,000, a 5.1 percent increase from the same period in 2012. The third quarter median for 2013 was $235,000, a 5.4 percent hike above the 2012 third quarter median, and the September 2013 median sales price increased 4.5 percent year-over-year to $230,000.

“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,” Duncan MacKenzie, NYSAR CEO, said in a release.

Inventory, meanwhile, slipped 20.2 percent in September to a 9.9-month supply. Inventory was at 90,286 units in September 2013, a decrease of 11.2 percent from September 2012. — Julie Strickland