With 25,192 closed sales across the Empire state in the first quarter, the housing market posted a strong start to 2018, even as it fell short of 2017’s record, according to the housing market report released today by the New York State Association of REALTORS®. The first quarter 2018 statewide median sales price of $260,000 represented an increase of 7.4 percent from a year ago.

“The record-setting 2017 housing market is proving to be a tough act to follow as the continuing decline in listed homes is slowing down eager buyers,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “The 2018 first quarter sales total is the second highest on record, providing unmistakable evidence that buyer demand is still high as we move toward the typically busy spring and summer markets.”

“Moving forward, the ongoing health of the housing market will be dictated by the much-needed return of home sellers and gains in the construction of new homes to meet buyer demand,” MacKenzie said, adding that the current market conditions offer a terrific opportunity for sellers. “While mortgage rate increases have not yet deterred buyers, we will be watching for any potential impact the predicted future interest rate increases may have on home sales.”