Published: Mon, October 23, 2017
Economy | By Melissa Porter

Home sales just miss NY record

Home sales just miss NY record

USA existing-home sales made a surprising monthly gain in September after falling the previous three months and after sustaining a market shock from two back-to-back hurricanes in the South region.

Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the past 18 months and totaled a seasonally adjusted annualized rate of 436,920 units in September. In other regions, the existing-home sales numbers either rose or remained unchanged.

The number of homes for sale stood at 71,930, a decrease of 7.7 percent compared to the 2016 third quarter.

NAR estimated that the share of first-time homebuyers this past September fell 2 percentage points, to 29 percent of all sales. September marked the 67 consecutive month that home prices have risen year over year, NAR said.

Existing-home sales, however, have been flat for most of this year, due mainly to tight inventory and rising prices.

The housing market report released Friday by the state Association of Realtors found 38,445 homes sold in NY in 2017's third quarter, which spans July through September.

Still, sales across the US continue to be held back by low supplies and high prices. Forty-one of the 51 reported counties recorded a year-over-year price increase, with 20 of them growing at double-digit rates.

While sales were down, the median sales price saw a five percent year-over-year increase to $261,500; in the third quarter of 2016, the price was $243,000. Since the beginning of the year, active listings have declined by more than 10 percent every month, and the number of available listings for sale has trended downward for more than two years.

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