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Low inventory, high prices cap off 2021 New York housing market


Fri, Jan 21st 2022 10:30 am

Inventory of homes for sale remained low throughout the year and prices continued to rise in the Empire State in 2021, according to the housing report released by the New York State Association of REALTORS.

Median sales prices comparing December 2020 to December 2021 rose 8.3% – from $348,000 in 2020 to $377,000 in 2021. In year-to-date annual comparisons, the 2021 median sales price was $370,000 which marks a 19.4% increase over 2020’s $310,000 price.

Inventory plummeted 30.4% to close out 2021. Homes for sale fell to only 30,654 units in December 2021 compared to 44,071 homes available in December 2020. Months supply of inventory sank to just 2.3 months supply last month, marking a 30.4% drop from the 3.7 months of supply available in December 2020.

Closed sales fell last month, from 15,974 units in December 2020 to 13,649 homes in December 2021. This represents a 14.8% drop. For the year, however, closed sales were up 17.2% – from 130,635 sales in 2020 to 153,110 in 2021. Pending sales climbed to 10,494 homes in December 2021 from 10,087 in December 2020. This marks a 4% increase in year-over-year comparisons.

New listings were down 12.3% – from 9,005 homes in December 2020 to 7,896 units last month. For the year, new listings were marginally lower, down 0.2%.

Mortgage interest rates, which began the year at historic lows, continued to be competitive in December. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose slightly from 3.07% in November, to 3.10% in December.

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.

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