Local Board/Association Presidents, Executive Officers, and NYSAR Regional Vice Presidents

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1 Memo To: Local Board/Association Presidents, Executive Officers, and NYSAR Regional Vice Presidents From: NYSAR President Christine CJ DelVecchio Date: 5/23/18 Re: April 2018 Housing Market Reports The April 2018 housing market report for New York State is attached. The report is the basis for the monthly housing market press release issued by the New York State Association of REALTORS. An overview of the statewide and county-level data is issued to the media with NYSAR s press release and also made available on NYSAR.com. NYSAR provides localized versions of this report to every local board/association to assist members in explaining the specifics of their local market. In addition to sharing the housing market report, please also share with your members The Skinny video, which is a straightforward, easy-to-understand overview of today s housing market conditions. The video is available on NYSAR.com, NYSAR s Facebook page, Twitter feed and YouTube Channel. Members are encouraged to share both the report and the video with colleagues, customers and clients via their own social media channels. To assist you and your members in preparing for media interviews, please find relevant talking points following the housing market report. Should you need additional assistance in working with the media, please do not hesitate to contact NYSAR Communications Director Sal Prividera at (518) x 208. Share on social media: 1

2 Monthly Indicators April 2018 Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. While most of the country is beginning to see some upward movement in new listings, New York is lagging behind the national trend. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months. New Listings were up 2.4 percent to 20,392. Pending Sales increased 2.8 percent to 12,697. Inventory shrank 9.1 percent to 61,331 units. Activity Snapshot - 2.6% % - 9.1% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Homes for Sale Residential activity in New York State, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures. Prices moved higher as the Median Sales Price was up 11.9 percent to $260,000. Days on Market decreased 10.5 percent to 85 days. Months Supply of Inventory was down 11.5 percent to 5.4 months. This winter and spring exhibited unseasonal weather patterns. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower and multiple-offer situations become the norm. If that wasn't enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion. Activity Overview New Listings Pending Sales Closed Sales Days on Market Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Activity by County

3 Activity Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars Percent Change YTD 2017 YTD 2018 Percent Change New Listings 19,906 20, % 67,120 64, % Pending Sales 12,346 12, % 42,228 41, % Closed Sales 8,869 8, % 35,091 34, % Days on Market % % Median Sales Price $232,250 $260, % $240,000 $258, % Avg. Sales Price $322,841 $357, % $332,113 $355, % Pct. of List Price Received 96.5% 97.2% + 0.7% 96.3% 96.8% + 0.5% Affordability Index % % Homes for Sale 67,493 61, % Months Supply %

4 New Listings A count of the properties that have been newly listed on the market in a given month. April 22,058 19,906 20,392 Year to Date 72,063 67, % - 9.8% + 2.4% + 3.2% - 6.9% 64, % New Listings Prior Year Percent Change May ,384 22, % June ,649 21, % July ,010 18, % August ,391 17, % September ,681 16, % October ,699 14, % November ,160 12, % December ,313 8, % January ,346 13, % February ,877 14, % March ,037 19, % April ,392 19, % 12-Month Avg 16,662 16, % Historical New Listings by Month 30,000 25,000 20,000 15,000 10,000 5,

5 Pending Sales A count of the properties on which offers have been accepted in a given month. April 13,190 12,346 12,697 Year to Date 42,056 42,228 41, % - 6.4% + 2.8% % + 0.4% -0.9% Pending Sales Prior Year Percent Change May ,264 13, % June ,892 13, % July ,297 12, % August ,288 12, % September ,001 10, % October ,713 10, % November ,959 9, % December ,076 8, % January ,239 8, % February ,165 9, % March ,766 12, % April ,697 12, % 12-Month Avg 11,363 11, % Historical Pending Sales by Month 16,000 14,000 12,000 10,000 8,000 6,000 4,

6 Closed Sales A count of the actual sales that closed in a given month. April 8,951 8,869 8,640 Year to Date 33, % - 0.9% - 2.6% % + 4.3% 35,091 34, % Closed Sales Prior Year Percent Change May ,310 10, % June ,585 12, % July ,491 12, % August ,997 14, % September ,990 12, % October ,702 11, % November ,289 10, % December ,524 11, % January ,047 8, % February ,679 7, % March ,859 9, % April ,640 8, % 12-Month Avg 11,176 11, % Historical Closed Sales by Month 16,000 14,000 12,000 10,000 8,000 6,000 4,

7 Days on Market Average number of days between when a property is listed and when an offer is accepted in a given month. April Year to Date % - 9.5% % -5.4% - 9.5% % Days on Market Prior Year Percent Change May % June % July % August % September % October % November % December % January % February % March % April % 12-Month Avg* % Historical Days on Market by Month * Average Days on Market of all properties from May 2017 through April This is not the average of the individual figures above

8 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. April $218,000 $232,250 $260,000 Year to Date $225,500 $240, % + 6.5% % + 0.2% + 6.4% $258, % Median Sales Price Prior Year Percent Change May 2017 $235,000 $223, % June 2017 $255,000 $241, % July 2017 $261,900 $248, % August 2017 $265,000 $252, % September 2017 $252,000 $242, % October 2017 $246,000 $229, % November 2017 $250,000 $239, % December 2017 $257,500 $240, % January 2018 $262,650 $246, % February 2018 $255,000 $239, % March 2018 $255,000 $241, % April 2018 $260,000 $232, % 12-Month Med* $255,000 $240, % Historical Median Sales Price by Month * Median Sales Price of all properties from May 2017 through April This is not the average of the individual figures above. $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,

9 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. April $307,945 $322,841 $357,699 Year to Date $317,540 $332, % + 4.8% % -0.4% + 4.6% $355, % Avg. Sales Price Prior Year Percent Change May 2017 $337,282 $315, % June 2017 $358,319 $346, % July 2017 $363,694 $342, % August 2017 $364,485 $346, % September 2017 $346,290 $333, % October 2017 $335,547 $323, % November 2017 $340,672 $321, % December 2017 $354,417 $328, % January 2018 $353,635 $338, % February 2018 $354,399 $331, % March 2018 $356,167 $335, % April 2018 $357,699 $322, % 12-Month Avg* $351,963 $332, % Historical Average Sales Price by Month * Avg. Sales Price of all properties from May 2017 through April This is not the average of the individual figures above. $425,000 $400,000 $375,000 $350,000 $325,000 $300,000 $275,000 $250,

10 Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. April 95.9% 96.5% 97.2% Year to Date 95.6% 96.3% 96.8% + 0.4% + 0.6% + 0.7% + 0.4% + 0.7% + 0.5% Pct. of List Price Received Prior Year Percent Change May % 96.2% +0.7% June % 96.7% +0.7% July % 97.0% +0.6% August % 96.9% +0.5% September % 96.4% +0.8% October % 96.5% +0.5% November % 96.3% +0.6% December % 96.2% +0.5% January % 96.3% +0.4% February % 96.1% +0.5% March % 96.4% +0.4% April % 96.5% +0.7% 12-Month Avg* 97.1% 96.5% +0.6% Historical Percent of List Price Received by Month * Average Pct. of List Price Received for all properties from May 2017 through April This is not the average of the individual figures above. 98% 97% 96% 95% 94% 93%

11 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. April Year to Date % - 6.2% % -0.6% - 6.4% % Affordability Index Prior Year Percent Change May % June % July % August % September % October % November % December % January % February % March % April % 12-Month Avg % Historical Housing Affordability Index by Month

12 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. April 77,898 67,493 61, % % - 9.1% Homes for Sale Prior Year Percent Change May ,416 80, % June ,732 81, % July ,964 81, % August ,146 79, % September ,485 78, % October ,764 74, % November ,222 70, % December ,853 62, % January ,288 62, % February ,478 63, % March ,777 64, % April ,331 67, % 12-Month Avg 66,705 72, % Historical Inventory of Homes for Sale by Month 120, , ,000 90,000 80,000 70,000 60,000 50,

13 Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. April % % % Months Supply Prior Year Percent Change May % June % July % August % September % October % November % December % January % February % March % April % 12-Month Avg % Historical Months Supply of Inventory by Month

14 Activity by County Key metrics by report month for the counties in the state of New York. New Listings Closed Sales Median Sales Price Homes for Sale Months Supply / / / / / Albany* (1) Allegany % % $48,000 $89, % % % Bronx % % $300,000 $289, % % % Broome % % $111,000 $104, % % % Cattaraugus % % $65,000 $79, % % % Cayuga % % $91,500 $119, % % % Chautauqua % % $74,000 $92, % % % Chemung % % $130,000 $106, % % % Chenango % % $70,000 $76, % % % Clinton % % $140,000 $130, % % % Columbia % % $245,000 $258, % % % Cortland % % $106,720 $125, % % % Delaware % % $135,000 $133, % % % Dutchess % % $243,500 $270, % 1,930 1, % % Erie 979 1, % % $139,000 $147, % 1,418 1, % % Essex % % $121,900 $225, % % % Franklin % % $107,500 $106, % % % Fulton % % $132,500 $70, % % % Genesee % % $74,200 $122, % % % Greene % % $166,750 $167, % % % Hamilton % % $145,000 $180, % % % Herkimer % % $95,200 $72, % % % 13

15 Activity by County (continued) Key metrics by report month for the counties in the state of New York. New Listings Closed Sales Median Sales Price Homes for Sale Months Supply / / / / / Jefferson % % $134,999 $132, % % % Kings % % $548,500 $485, % 1,336 1, % % Lewis % % $90,000 $105, % % % Livingston % % $110,000 $116, % % % Madison % % $132,125 $141, % % % Monroe 1,167 1, % % $130,000 $144, % 1,362 1, % % Montgomery* (1) Nassau 1,971 2, % % $475,000 $495, % 6,869 6, % % New York Niagara % % $113,000 $103, % % % Oneida % % $106,500 $119, % 1,610 1, % % Onondaga % % $129,950 $143, % 1,342 1, % % Ontario % % $152,250 $180, % % % Orange* (2) Orleans % % $60,462 $119, % % % Oswego % % $87,450 $83, % % % Otsego % % $135,750 $147, % % % Putnam* (2) Queens 1,255 1, % % $469,000 $551, % 5,367 5, % % Rensselaer* (1) Richmond % % $484,500 $550, % 1,515 1, % % Rockland* (2)

16 Activity by County (continued) Key metrics by report month for the counties in the state of New York. New Listings Closed Sales Median Sales Price Homes for Sale Months Supply / / / / / St Lawrence % % $63,000 $117, % % % Saratoga* (1) Schenectady* (1) Schoharie* (1) Schuyler % % $134,000 $162, % % % Seneca % % $105,150 $103, % % % Steuben % % $95,000 $89, % % % Suffolk 2,408 2, % 1,090 1, % $340,000 $362, % 10,081 9, % % Sullivan % % $117,450 $105, % 1, % % Tioga % % $98,000 $127, % % % Tompkins % % $225,000 $209, % % % Ulster % % $187,250 $219, % 1,537 1, % % Warren % % $183,900 $163, % % % Washington % % $91,875 $131, % % % Wayne % % $116,900 $128, % % % Westchester* (2) Wyoming % % $77,000 $89, % % % Yates % % $143,000 $180, % % % New York State 19,906 20, % 8,869 8, % $232,250 $260, % 67,493 61, % % Data is included in the calculation of state totals. However, New York County data is incomplete and does not accurately represent activity. * Data is included in the calculation of the state totals. For this county's statistical data, contact the corresponding local board/association listed below: (1) Greater Capital Association of REALTORS, 451 New Karner Road, Albany, NY 12205, (2) Hudson Gateway Association of REALTORS, One Maple Avenue, White Plains, NY 10605,

17 Quick facts: The current market The April 2018 sales total of 8,640 represents a decrease of 2.6 percent from the April 2017 total of 8,869, according to preliminary existing single family, townhome and condominium sales data accumulated by ShowingTime for the New York State Association of REALTORS. Year to date (Jan. 1 April 30) sales were 34,225, a decrease of 2.5 percent from the same period in The April 2018 statewide median sales price was $260,000, an increase of 11.9 percent from the April 2017 median of $232,250. The year to date (Jan. 1 April 30) median sales price was $258,900, an increase of 7.9 percent from the same period in Pending sales increased 2.8 percent in April compared to a year ago to reach 12,697. The months supply of homes for sale dropped 11.5 percent at the end of April to 5.4 months supply. It was at 6.1 months at the end of April A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 61,331, a decrease of 9.1 percent compared to April Quick facts: The benefits of homeownership The National Association of REALTORS First Quarter Homeownership Opportunities and Market Experience (HOME) Survey found that 68 percent of people believe that now is a good time to buy a home and 74 percent believe it is a good time to sell a home. The full report is available here. NAR Chief Economist Lawrence Yun wrote about Why Homeownership Matters in a piece published by Forbes.com and he noted that 87 percent of consumers said homeownership is part of the American Dream in the NAR HOME survey. He further made the assertions that homeownership provides for wealth accumulation and that it is good for the economy. The article can be viewed here. Yun noted in the article that: According to the Federal Reserve s Survey of Consumer Finances, a typical homeowner s net worth was $195,400, while that of renters was $5,400 as of Experts agree that growth in the housing market equates to growth in our local, state and national economies. The economic benefits derived from the sale of a home extend well beyond the closing table to include the many purchases made by new homeowners including durable goods such as appliances, home furnishings and services such as movers and home contractors. These purchases also generate much needed tax revenue. Most homeowners enjoy stable, fixed rate mortgage payments that might not change for 15 to 30 years, while rent typically increases 3 percent a year.

18 Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return. Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep. Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television. Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans. Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy. Owning a home remains a solid investment as evidenced by a NAR research report, which indicates that real estate has delivered the most consistent positive return over any investment during the last 40 years. In fact, given the leverage in purchasing a home, the average return on a 5 percent down payment over 10 years is usually three to five times greater than stock market returns. Owning a home is one of the best ways to build long term wealth. Historically, a homeowner s net worth has ranged from 31 to 46 times that of a renter. Quick facts: Working with a REALTOR REALTORS are the local housing market professionals, who are able to properly gauge local neighborhood conditions. Conditions vary widely by market and sometimes even from neighborhood to neighborhood. REALTORS have access to the most up to date and comprehensive property listing and sales information, making them a buyer s best resource in finding the home that is right for them. The latest NAR Home Buyer and Seller Generational Trends study (March 2017) found that regardless of age, buyers and sellers continue to see real estate agents as an integral part of a real estate transaction. Nearly 90 percent of respondents said they worked with a real estate agent to buy or sell a home. This kept for sale by owner transactions down at their lowest share ever (8 percent). All housing markets are local and the most important market conditions for consumers to consider are those where that consumer wishes to live. Just as there is no national weather forecast, there is no national housing market. The housing market conditions in another state, another area of the country or even another municipality within New York State have no bearing on the conditions in your local market. Contact us These monthly memos are just one way NYSAR is able to assist you with media inquiries and market data. If you have any questions about this memo or need assistance prior to speaking with a member of the media, please contact the NYSAR Communications Department at You are uniquely positioned to educate your local media about the true market conditions and the nature of the housing market. We encourage you to take advantage of all opportunities to provide true market information to the media and consumers.

19 Salvatore I. Prividera Jr. Director of Communications x208 office Empire State home sales stay at elevated level during April Albany, NY May 24, 2018 Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017, according to the housing market report released today by the New York State Association of REALTORS. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Home sales remain constrained by the continued decline in homes listed for sale and the inability of new home construction to fill the gap, said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. However, strong buyer demand pushed April closed sales to the third-highest level on record for the month. We will be keeping a close eye on affordability conditions as the combination of buyer competition driving up sales prices and mortgage rate increases may create an additional market headwind, said MacKenzie. The April 2018 sales total of 8,640 represents a decrease of 2.6 percent from the April 2017 total of 8,869. Year-to-date (Jan. 1 April 30) sales were 34,225, a decrease of 2.5 percent from the same period in The April 2018 statewide median sales price was $260,000, an increase of 11.9 percent from the April 2017 median of $232,250. The year-to-date (Jan. 1 April 30) median sales price was $258,900, an increase of 7.9 percent from the same period in Pending sales increased 2.8 percent in April compared to a year ago to reach 12,697. The months supply of homes for sale dropped 11.5 percent at the end of April to 5.4 months supply. It was at 6.1 months at the end of April A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 61,331, a decrease of 9.1 percent compared to April Additional data is available at 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 55,000 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

20 Page 2 REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###-