As the holidays draw near, pending sales rose in November while sales prices have escalated now for 19 consecutive months across the Empire State, according to the housing report released today by the New York State Association of REALTORS.
Pending sales climbed 11.6% from 11,462 units this time last year to 12,614 homes in November 2021. Closed sales dropped to 12,614 sales last month – an 8.3% decrease from the 13,758 sales recorded in November 2020. For the year, closed sales are still up 21.1% in year-to-date comparisons. New listings were down 7.7% from 12,798 homes last November to just 11,811 units in November 2021.
The median sales price jumped to $370,000 last month. This represents a 12.1% increase over the median price of $330,000 in November 2020.
Inventory of homes for sale plummeted to just 36,822 homes in November 2021. This marks a 26.9% drop over the 50,355 homes on the market in November 2020. Months supply of inventory fell to 2.8 months in November 2021 – a 34.9% drop from the 4.3 months of supply in November 2020. A six-month to 6.5-month supply is considered to be a balanced market.
Mortgage interest rates continued to be competitive in November. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in November remained at 3.07%.
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.