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NY housing market continues its strong momentum to start 2021

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Fri, Feb 19th 2021 03:50 pm

A robust winter housing market continued into 2021 with both pending and closed sales remaining strong, according to the housing report released by the New York State Association of REALTORS.

While adhering to COVID-19 protocols, closed sales rose 16.7% – up from 9,557 units in January 2020 to 11,153 homes last month. Pending sales also escalated to kick off 2021, with 10,588 units in January 2021 – up from 8,612 homes in 2020 in year-over-year comparisons.

Inventory continues to be a concern at the start of 2021, dropping 26.7% with 38,885 homes available this January compared to 53,054 in January 2020. New listings decreased 15.5% as well – from 14,515 to begin 2020 to 12,265 listings available in January 2021.

The median sales price jumped to $355,000 last month. This represents a 20.3% increase from the $295,000 median price in January 2020.

Low mortgage rates remained positive, aiding home buyers in January. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in January stood at 2.74% – a slight increase from 2.68% in December 2020.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

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 60,000 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 REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

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