A strong finish for the 2020 New York housing market
Albany, NY – January 22, 2021 – Despite the ongoing COVID-19 pandemic, real estate activity in the Empire State continued to rise with sales and new listings remaining strong through December, according to the housing report released today by the New York State Association of REALTORS®.
2020 saw closed sales ascending 34.5 percent – from 11,461 homes in December 2019 to 15,417 last month. For the year, closed sales were down marginally, 0.9 percent from 130,802 units to 129,661 in year-over-year comparisons. Pending sales also rose considerably in December from 7,985 homes last year at this time to 10,967 in December 2020 – a 37.3% increase. Year-to-date, pending sales jumped 8.5 percent to end 2020 with 148,280 homes in comparison to 136,717 last year at this time.
New listings surged upwards in December from 8,131 listings in 2019 to 8,955 this year- a jump of 10.1%.
The median sales price was up 22.4 percent as compared to $286,000 in December 2019. For the year, the median sales price grew 11.6 percent – from $277,700 to $310,000.
Low mortgage rates remained positive, aiding home buyers in December. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in December fell once again – to 2.68 percent. This continues the trend of falling interest rates for 13 consecutive months.
Inventory of homes for sale continued its downward trend. The number of homes for sale plunged in December from 40,836 in 2019 to 52,743 homes in 2021. This represents a 22.6 percent drop.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.