Monthly report shows increases in average home prices and number of new listings in Queens

Median home prices and the number of new listings in Queens were on the rise last month, according to a recent report.

New York State Association of Realtors Inc. released their monthly housing report for the month of August, comparing this year’s monthly totals to those from August 2017 in each county.

Throughout the month of August, New York State had a 0.2 percent increase in new listings with 18,456 in all. Queens in particular had 1,434 new listings, which is a 10.4 percent increase compared to August 2017, which rounded out the month with 1,299 new listings.

However, Queens saw a 19 percent drop in closed sales in August 2018. The month finished with 724 closed sales, over 150 less than August 2017, which had 894 closed sales.

The median prices of homes for sale in New York had a 5.7 percent increase in August, and Queens was no exception. Compared to August 2017’s median price of $531,000, the median price of a Queens home for sale in August 2018 rose to $610,000, marking a 14.8 percent increase.

August’s month supply saw a slight increase from 8 to 8.6 percent in the 2017 and 2018, respectively. The total number of homes for sale in Queens also rose 7.6 percent with 6,047 in 2017 and 6,504 in 2018.

To read the full report, visit nysar.com.

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