Home sales climb 5.6% to 11-year high

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There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month, according to the housing market report released today by the New York State Association of REALTORS. Region wise, sales were up in all regions except the West.

Inventory continues to tighten, falling 7.2 percent from October and 9.7 percent from a year ago, the 3oth straight month of annual declines.

Berson said he expects existing sales to climb 1.6 percent to 5.54 million units this year, which would be the strongest pace since 2006. The year-to-date (Jan. 1 - Nov. 30) sales total of 122,238 was 2.5-percent above the same period last year.The November 2017 statewide median sales price was $254,000, an increase of 5.8 percent from the November 2016 median of $240,000.

Gosselin said winter sales could be slightly slower, but the season is a good time to buy real estate because fewer homes come onto the market during the holidays. They rose 3.8 percent on a year-on-year basis in November.

Builder confidence in the market for new homes increased five points to 74 in December, the highest report since July 1999, the National Association of Home Builders said Tuesday. The median indicates that half of the homes sold for more and half sold for less. The median existing home price was $248,000, up 5.8% from November 2016 ($234,400).

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"While we're pleased that important homeownership incentives such as the capital gains exclusion survived in conference, additional changes are required to truly incentivize homeownership in the tax code".

Americans purchased homes at the fastest pace in almost 11 years, as sales climbed 5.6 percent in November.

Despite the recent gains, home resales remain constrained by a chronic shortage of houses at the lower end of the market, which is keeping prices elevated and sidelining some first-time buyers, who accounted for 29 percent of transactions last month. Regionally, sales in the Northeast were up 6.7 percent and the regional median price rose 4 percent to $273,600.

Sales rose last month in the Northwest, Midwest and South.

Existing-home sales moved higher for the third straight month in November and reached their strongest pace in nearly 11 years, while new construction of single family homes surged to a 10-year high, according to two new reports.

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