COVID-19 slows New York State Housing Market
Albany, NY – April 21, 2020 – As expected, the COVID-19 pandemic slowed what started as a robust 2020 New York State housing market as closed sales dropped nearly 15-percent, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales fell 14.8-percent in year-over-year comparisons from 8,695 units to 7,408 homes. First quarter closed sales are only down 0.8-percent year-to-date. This underscores the impact of COVID-19 on what was a strong housing market to start 2020. Pending sales fell as well, dropping from 11,448 homes to 9,036 – a decrease of 21.1-percent from March 2019.
New listings also fell, 25.4 percent to 14,005 homes – down from 18,778 units in March 2019.
Median sales prices continued to rise, escalating from $269,000 to $281,000 – a 4.1% increase in year over year totals. March marks the 50th consecutive month that the median sales price was up in year-over-year comparisons.
A good sign for home buyers, mortgage rates in March fell to the lowest rate since August 2016 to 3.45-percent on a 30-year fixed mortgage, according to Freddie Mac.
Months supply of inventory dropped 12.1-percent in March, from 5.8 months to 5.1.
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.