Realtors: NYS housing market stable in 2012
The median sale price rose from the $212,500 in 2011 to $215,000 -- a 1.2 percent increase -- this past year, with a 5.1 percent increase the fourth quarter as compared top 2011. This was largely due to a 20 percent reduction in available housing throughout the year. The fourth quarter saw a steep drop of 28.5 percent reduction in housing stock.
“Looking at the year-end numbers we can confidently call the housing market in full recovery mode,” said Duncan R. MacKenzie, NYSAR CEO, in a statement. “The 2012 market featured four consecutive quarters of sales growth and inventory moved continually closer to a balanced market.”
“Looking ahead to 2013, the likelihood of sustained low mortgage interest rates and a growing economy provide a foundation for continuing the 2012 gains,” MacKenzie said. “While we expect gains across the state in 2013 we will be closely watching how the markets impacted by Superstorm Sandy rebound.”