COVID-19 continues to slow New York housing market in May
Albany, NY – June 22, 2020 – The inability to do in-person showings and other COVID-19 related matters continued to impact the New York State housing market in May, according to the housing report released today by the New York State Association of REALTORS®.
Adhering to NYS guidance, REALTORS® were only able to show houses virtually during May, resulting in a 44.5 percent decrease in new listings – from 23,668 homes to 13,139 units in year-over-year comparisons. Pending sales also steeply declined 47.3 percent from 14,224 sales in May of 2019 compared to 7,500 sales during May 2020.
Closed sales declined 33.8 percent to 7,597 sales – down from 11,475 units in May 2019.
The median sales price remained even in May in year-over-year comparisons at $270,000. A positive for home sellers was the average sales price for May – $376,542 – increased 2.9 percent from $365,796 in May 2019.
Interest rates on a 30-year fixed rate mortgate have been hovering near all-time lows for more than four weeks at 3.3 percent, according to Freddie Mac, and are helping spur buyer interest across the state.
Months’ supply of inventory dropped 11.5 percent in May, from 6.1 months to 5.4.
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.