Home sales just miss NY record

Discarded household materials are set on the yard of a house in Bellaire in Houston. The neighborhood was damaged by Hurricane Harvey flood. On Friday the National Association of Realtors reported home sales in Houston rose 4 percent from a year ago aft

All segments of the housing market enjoyed gains except for homes priced below $150,000, with the greatest sales volume reported among homes in the $500,000 to $750,000 range. Texas and Florida make up more than 18 percent of the nation's existing home sales.

As expected, property flooding and continued consumer demand for homes lowered inventory levels.

Supply was down 6.4 percent from a year ago. However, the overall housing sector has been slowing as the number of properties available has not kept up with demand.

Editor's Note: All data is compiled from multiple listing services in the state of NY and the data include townhomes, condominiums and existing single-family homes. The average rent for single-family homes was up 7.9 percent to $1,886, while the average rent for townhomes/condominiums climbed 5.4 percent to $1,601.

Next Wednesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of September.

Pricing never skipped a beat during or after Harvey. That's a 5 percent increase over the median price during the third quarter of 2016.

Economists had forecast an increase to a 5.30m clip. Both figures are record highs for a September.

The median price of an existing home increased 4.2% to $245,100. Total dollar volume for properties sold jumped 10.2 percent to $2.3 billion.

Meanwhile, the report notes that sold inventory is at a 4.2-month supply at the current sales pace-a decline from 4.5 months a year ago.

Some counties in NY, including Tompkins, Seneca, Dutchess and Cayuga, actually had more closed homes during the third quarter this year than in 2016. Housing inventory has declined on a year-on-year basis for more than two years.

The report notes that the median existing-home price for all housing types in September was $245,100-representing a 4.2 percent increase from previous year at $235,200.

Housing inventory across the US now stands at a 4.2-month supply, according to the latest report from the National Association of Realtors (NAR).



Other news