New York state home sales heated up during a balmy February, with 7,521 closings in total. With an increase of 19.5 percent from last year, when the state had 6,292 closings, the housing market across New York is bolstering, according to the New York State Association of Realtors housing market report.
“Buyers taking advantage of the unseasonably mild weather and continued low mortgage rates drove the February closed home sales total to the highest mark in a decade,” said Duncan R. MacKenzie, NYSAR CEO.
“Combined with the strong January sales total, the Empire State housing market is starting the year with sales nearly 19 percent above the first two months of 2015. Looking ahead, the nearly 22 percent jump in pending sales bodes well for a strong finish to the first quarter.”
Closed sales in January jumped 13 percent year-over-year, reaching 7,640 closings in total.
In addition to a high number of home sales, the median sales price rose 4.4 percent year-over-year to reach $235,000. Pending sales also increased 21.9 percent year-over-year, hitting 9,286 last month.
Statewide supply reaches healthy levels; new listings sprout
Supply plunged 15.9 percent at the end of January to reach a 6.9-month reserve. Last year, the New York housing market had an 8.2-month supply of homes, indicating the state is now much closer to the balanced measure, which is considered a 6 to 6.5 months’ supply.
Inventory tightened across the state last month, declining 4.6 percent year-over-year with 73,046 homes on the market in total.
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Although the total number of listings declined on an annual level, the Empire State had an increase of 20.8 percent in new listings, from 12,287 in February 2015 to 14,845 in February 2016.
Brooklyn: declining sales, rising prices
Kings County (Brooklyn) highlighted a 9.5 percent drop in year-over-year home sales, from 158 in February 2015 to 143 last month.
However, being a pricey borough in New York City helped Brooklyn rise to the top in median sales price. Brooklyn reached $450,000, a 28.6 percent increase from last year’s $350,000 median sales price.
Meanwhile, months supply in Brooklyn followed the state trend and declined 12.5 percent to 11.2 months from a previous 12.8 months. Although not considered balanced yet, the declining trend of stock is encouraging.
The number of homes for sale last month in Brooklyn dropped 14 percent year-over-year to reach 1,878 listings. On the flipside, Kings County had a 25.9 percent annual increase in new listings since last year. While homes are selling in Brooklyn, new listings are hitting the market.
Queens features little movement but stable supply
With a 6.6-month supply in February, down from 6.7 months in 2015, Queens has the most balanced NYSAR market reported across New York City’s five boroughs, including the Bronx and Richmond counties.
The Bronx had a 6.9-month supply in February, while Richmond County, or Staten Island, had a 4.3-month supply.
New York County, encompassing Manhattan, was not reported.
Queens had a slight yearly increase in median sales price last month at 5.6 percent, hitting $425,000 from a previous $402,500. Closed sales in Queens reached 652 in February from 607 in February 2015 — a rise of 7.4 percent. While months supply dropped, new listings increased marginally by 3.3 percent, from 962 in February 2015 to 994 in February 2016.
