Albany, NY – March 21, 2018 – The New York State housing market continued to post solid numbers in February, reaching 7,328 closed sales despite a 6.2-percent decline from February 2017, according to the housing market report released today by the New York State Association of REALTORS®. The February statewide median sales price of $260,000 represented an increase of 8.8 percent from a year ago.

“The ongoing decline in homes listed for sale created a headwind for New York State home sales during February,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “However, buyer demand remained high, driving sales to the third highest total for the month.  Buyer competition in this low-inventory market continues to spur sales price growth.”

“As we move closer to the typically busier spring and summer months, housing market sales growth will be largely dependent on an influx of newly listed homes and residential construction gains to meet demand.”

The months supply of homes for sale dropped 10.7 percent at the end of February to 5 months supply. It was at 5.6 months at the end of February 2017. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 57,082, a decrease of 9.5 percent compared to February 2017.