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An unusually high volume of home-buyer demand is flooding the spring market, as pending home sales rose in March for the third consecutive month and hit the highest level since June 2013, according to the National Association of REALTORS®.

Pending sales rose 1.1 percent month-over-month in March and are 11.1 percent above year-ago levels, according to NAR's Pending Home Sales Index, a forward-looking indicator based on contract signings. 

"Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year," says Lawrence Yun, NAR's chief economist. "While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news. It indicates this year's activity is being driven by more long-term home owners."

However, Yun cautions that insufficient inventory and accelerating home prices could be a drawback to sales reaching their full potential.

"Demand in many markets is far exceeding supply, and properties in March sold at a faster rate than any month since last summer," Yun says. "This, in turn, has pushed home prices to unhealthy levels — nearly four or more times above the pace of wage growth in some parts of the country. Simply put, housing inventory for new and existing homes needs to improve measurably to improve affordability."

Regional Outlook

Here's a closer look at the Pending Home Sales Index across the country:

• South: Contract signings rose 4 percent in March and are 12.4 percent above year-ago levels.
• West: Contract signings increased 1.7 percent in March and are 15.6 percent higher than March 2014.
• Northeast: Contract signings fell 1.5 percent for the fourth consecutive month but remain 0.6 percent above a year ago.
• Midwest: Contract signings decreased 2.5 percent in March but are 11.3 percent above year-ago levels.

Source: National Association of REALTORS®

By: Christina DeFalco-Romano
Date: 12/12/2014

The closed median home price in November 2014 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $380,000 representing a 2.7% increase over last year. Nassau County reported a $428,000 closed median home price in November, representing a 3.1 increase over $415,000 reported by MLSLI last year. Suffolk County reported a closed median price of $325,000 representing a 2.9% increase over last November. Queens reported a closed median home price of $380,000, representing a 3.8% decrease over last year.

Long Island available inventory has been stable and in November 2014 was 21,403 which is almost equal to last November’s reported 21,397 available residential listings.

November 2014 Market Update reports for Nassau, Suffolk, and Queens Counties are available under the MLS Activity Reports section of Stratus.  The Market Update reports are also available at LIRealtor.com under the Research and Data section.

Albany, NY – June 23, 2014 – The New York State median home sales price increased by 1.3 percent in May compared to May 2013, while the number of closed sales fell by more than 14 percent compared to a year ago, according to the housing market report released today by the New York State Association of REALTORS.  Closed sales are down 5.2 percent compared to the first five months of 2013.

“The growth in home values across New York State continues to be a bright spot for the 2014 housing market in our state,” said Duncan MacKenzie, NYSAR CEO, noting that in 22 of the past 24 months the statewide median sales price has grown or held steady with the prior year’s median. “Despite slightly weaker buyer demand, sellers are still closing sales more than 95 percent of their asking price.”

“Pending and closed sales lagged in May compared to the very strong May 2013 market,” MacKenzie said, adding that the sales pipeline may still be suffering under the effects of the weather-related market slowdown to start the year. “With a nearly 5-percent increase in new listings during May, we expect buyer activity to increase into the summer months as a greater selection of homes become available.”

The May market posted 7,848 closed sales, down 14.4 percent from the May 2013 total of 9,170. The year-to-date (Jan. 1 – May 31) sales total of 34,009 represents a 5.2-percent decrease from the same period last year.

The statewide median sales price was $219,000 in May, a 1.3-percent increase from the May 2013 median of $217,000. The year-to-date (Jan. 1 – May 31) median sales price of $220,000 represents an increase of 2.1 percent compared to the same period last year.

Pending sales declined 6.7 percent to 11,140 in May compared to 11,945 in May 2013. 

The months supply of inventory dropped 8.3 percent at the end of May to 10 months supply. It was at 10.9 months at the end of May 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 90,164, a decrease of 4 percent compared to May 2013.

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 now include townhomes and condominiums in addition to existing single-family homes. 

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 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®.
                                                                                    -###-

NYSAR NewsLatest News
Empire State median sales price continues to climb as home sales dip in first quarterApr 22, 2014
Albany, NY – April 22, 2014 – The New York State median sales price grew by 5.1 percent in the 2014 first quarter compared to a year ago, continuing its upward trend, according to the housing market report released today by the New York State Association of REALTORS.  Sales dropped 1.8 percent compared to the start of 2013.

“Sellers seemed most affected by the severe winter weather as indicated by the 7.6-percent inventory reduction,” said Duncan MacKenzie, NYSAR CEO. “New York’s REALTORS expect market activity to rise along with the temperature as continued buyer demand and sales price gains entice sellers to list their homes.”

There were 18,790 closed sales in the 2014 first quarter, down 1.8 percent from the 2013 first quarter total of 19,143. March 2014 closed sales fell 8.3 percent (6,212) compared to a year ago (6,773). 

The 2014 first quarter statewide median sales price was $227,000, an increase of 5.1 percent compared to the first quarter 2013 median of $216,000. The March 2014 statewide median sales price of $217,500 represents an increase of 1.2 percent compared to the March 2013 median of $215,000.

Pending sales declined 5.6 percent to 22,551 in the 2014 first quarter compared to 23,877 in the 2013 first quarter. March 2014 pending sales (9,085) were down 4.5 percent compared to March 2013 (9,514).

The months supply of inventory dropped 16 percent at the end of the first quarter to 8.4 months supply. It was at 10 months at the end of the 2013 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 77,394, a decrease of 7.6 percent compared the 2013 first quarter.

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 now include townhomes and condominiums in addition to existing single-family homes.

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 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.

By: Christina DeFalco-Romano
Date: 2/14/2014

The closed median home price in January 2014 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $365,000, representing less than a 4.3% increase over last year.  Nassau County reported the highest year over year gain with a $430,000 closed median home price in January, representing a 7.5% increase over $400,000 reported by MLSLI last January.  Suffolk County reported a closed median price of $313,000 representing a 1% increase over last year while Queens reported a closed median home price of $375,000, up from $358,500 reported last January..

Available residential inventory in January 2014 numbered 19,249 properties.  This represents a 14.6% decline over last January.  However, keep in mind that the robust sales activity reported in 2013, which was driven by favorable housing affordability conditions that still exist, has contributed greatly to the diminishing inventory levels reported in recent months. 

When the winter weather finally breaks, we are hopeful that home owners who were hesitant to sell in recent years, will reassess their situation and find themselves in a different position.  We could then see increased seller activity and higher inventory levels.

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