For the fifth consecutive year home prices appreciated in New York State. Home prices in 2018 rose 6.0 percent above 2017 figures. The $265,000 median sales price at the end of 2018 topped the 2017 median price of $250,000. In 2014, the median price was $225,000.
High home prices usually coincide with low inventory. In 2018, the number of homes for sale dropped 0.3-percent compared to 2017. In fact, compared to 2010, inventory has dropped from 87,621 homes to just 59,889 in 2018. With fewer homes to choose from coupled with home prices rising higher than wage increases, buyers found 2018 a difficult year overall to purchase homes.
Click here to read full article!