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Closed sales have continued to drop across the Empire State while home prices have risen for 18 consecutive months, according to the housing report released by the New York State Association of REALTORS.
After escalating for 13 straight months, closed sales in New York have receded in back-to-back months. Sales fell 10% from 15,401 homes this time last year to just 13,867 sales in October 2021. Pending sales dropped as well, falling to 14,108 homes – a 6.45% decrease from the 15,069 sales last October. New listings of homes also fell, decreasing from 18,440 listings in October 2020 to 15,507 last month. This marks a 15.9% decrease in year-over-year comparisons.
Median sales prices continued to rise in October. The median price of $370,000 last month marks a 10.1% increase from the $336,000 price in October 2020. The New York market has now seen 18 consecutive months of median sales increases in year-over-year comparisons.
Inventory of homes for sale declined 23.1% from 53,468 homes available last October to just 41,093 on the market across the state in October 2021.
Mortgage interest rates are starting to inch higher as well. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in October rose to 3.07% – the first time above 3% since April.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
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 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.