ALBANY, N.Y., Nov. 21, 2018 (GLOBE NEWSWIRE) -- New home listings increased 5.7 percent in the month of October from a year ago and the median sales price rose, 6.0 percent to $260,000, according to the housing market report released today by the New York State Association of REALTORS^®. The 184,328 year-to-date new listings represent the most since 2015.

In 2018, total inventory rose monthly from January until it peaked in July but has declined each month from August through October. The number of homes for sale is still near historically low levels and is down, year-over-year, compared to 2017. The 70,704 homes for sale in October 2018 represent a decrease of 1.3 percent from October of 2017.

The October 2018 closed sales total of 12,359 represents a decrease of 3.1 percent from the October 2017 total of 12,751. The year-to-date (Jan. 1 – Oct. 31) sales total of 109,874 units is down 2.3-percent compared to the same period last year.

The days on the market continues to decline compared to a year ago, dropping 6.8 percent to 69 days while the month’s supply remained unchanged at 6.3 months. A 6 - 6.5-month supply is considered to be a balanced market.

Rising interest rates are affecting affordability for some potential buyers. Helping mitigate the impact of higher interest rates is the strength of the overall economy including the national unemployment rate which continues to sit below 4.0 percent.

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 include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS^® is a not-for-profit trade organization representing more than 58,000 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^®.

Contact:

Scott Morlock
Director of Communications
518-463-0300x208 office
smorlock@nysar.com

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