Joseph "Jay" Abruzzo

New York State housing market strong in July as median selling price continues to grow Aug 24, 2016 Albany, NY August 24, 2016 With 11,736 closed home sales across the Empire state in July, the housing market remained strong despite lagging behind the July 2015 total, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price increased by 8.1 percent compared July 2015.... The New York State housing market has been performing at a very high level in 2016 and July was no exception despite falling short of the exceptional 2015 July sales total, said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. The 11,736 closes sales represents the third strongest July in the past decade and through the first seven months statewide sales are 11 percent ahead of the same point in 2015. The persistent decline in the number of homes available for sale is starting to influence the market as evidenced by the growth in selling price and the slowing of sales, said MacKenzie. With fewer choices available, buyers are willing to pay more when they find the right home, while many more are still waiting for their dream home to come on the market. The year-to-date (Jan. 1 July 31) sales total of 68,018 was 11.1-percent above the same period last year. July 2016 closed sales decreased by 10.3 percent compared to a year ago to reach 11,736. The year-to-date (Jan. 1 July 31) statewide median sales price was $234,000, an increase of 2.6 percent from the same period in 2015. The July 2016 statewide median sales price of $255,000 represents an increase of 8.1 percent compared to the July 2015 median of $236,000. July pending sales were fundamentally unchanged at 12,223 compared to a year ago when they stood at 12,254. The months supply of inventory dropped 27.3 percent at the end of July to 7.2 months supply. It was at 9.9 months at the end of July 2015. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 79,818, a decrease of 18.2 percent compared July 2015. Additional data is available at http://www.nysar.com/industry-resources/market-data Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 52,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

Great News for New Home Buyers....Sales of newly built, single-family homes rose 12.4 percent in July from a downwardly revised June reading to a seasonally adjusted annual rate of 654,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest reading in almost nine years. This rise in new home sales is consistent with our builders’ reports that market conditions have been improving,... said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. As existing home inventory remains flat, we should see more consumers turning to new construction. July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates, said NAHB Chief Economist Robert Dietz. This uptick in demand should translate into increased housing production throughout 2016 and into next year. The inventory of new homes for sale was 233,000 in July, which is a 4.3-month supply at the current sales pace. The median sales price of new houses sold was $294,600. Regionally, new home sales rose by 40 percent in the Northeast, 18.1 percent in the South, and 1.2 percent in the Midwest. Sales remained unchanged in the West. https://www.nahb.org

http://www.realtor.com/videos/video-top-mistakes-to-avoid

Three Important Things YOU Should Buy a Home Before the Summer Ends... http://www.realtor.com/videos

Five Things Renters Should Know About Owning a Home... http://realtormag.realtor.org