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Housing Market Sizzled in 2013-D&C Article-January 23, 2014

Housing market sizzled in 2013
Joseph Spector, ROC

Closed home sales in New York reached a six-year-high of 107,142, and the median sales price hit $227,000 – also the highest since 2008, according to a report Thursday from the state Association of Realtors.

Home sales increased 12.5 percent between 2012 and 2013, and the median sales price increased 5.6 percent, the report said. The findings were the latest in a series of positive economic news for the state’s housing market as it rebounds from the housing bubble in the late 2000s. Low interest-rates helped, housing officials said.

“The 2013 housing market will be remembered as the year pent-up demand and low interest rates finally loosened the consumer logjam,” Duncan MacKenzie, state Association of Realtors CEO, said in a statement. “Sellers were winners, too. As buyers reduced the available inventory, home sellers enjoyed their improved negotiating position to drive the statewide median sales price to five-year high.”

Houses that sold for $100,000 and below saw the smallest growth in closed sales, increasing from 17,617 in 2012 to 17,972 in 2013. The biggest closed sales growth went to houses that sold for $500,000 and above — jumping from 12,897 in 2012 to 16,719 in 2013.

Dutchess and Ulster counties both saw large growth in closed sales in 2013, with 14.7 and 12.3 percent increases, respectively.

Monroe County was up 6.4 percent in closed sales, as well as surrounding counties. In Steuben County, closed sales grew 6 percent, and it was up in Yates County by 6.9 percent, and Seneca and Ontario counties both had a 0.8 percent increase. Wayne County had a 2.9 decrease in closed sales.

Broome and Chemung counties both saw decreases in closed sales at 4.9 percent and 6.6 percent, respectively.

Tioga County had an 18.4 decrease in closed sales, but Delaware County had a 29.6 percent closed sales increase.

“We are cautiously optimistic that 2014 will build upon the previous year’s gains,” MacKenzie said in a statement.

Westchester, Putnam, and Rockland counties were included in the statewide total, but did not have individual rates available this morning.

http://www.democratandchronicle.com/story/VoteUp/2014/01/23/housing-market-sizzled-in-2013/4797281/