According to the New York State Association of Realtors (NYSAR), new property listings were up 4.8% to 19,945 and pending sales increased 4.3% to 12,823 at the end of Q2, compared to a year earlier. However, total inventory shrank 4.4% to 72,015 units.
Prices moved higher as the median sales price was up 9.6% on a year ago to $285,000. The number of days on the market a property takes to sell also decreased by 10% to 63 days. Meanwhile, the months of supply of property inventory also fell from 9.4 months to 4.5 months.
Meanwhile, GDP growth in the State of New York was 4.1% in the second quarter, the strongest showing since 2014. NYSAR concluded that with a growing economy, solid mortgage lending and the potential for improved inventory from new listings and building activity, the property market is more likely correctly balanced than in a bubble.