Home prices continue upward climb as sales fail to keep up

August 21, 2019 – With the median sales price in New York State rising for 43 consecutive months to nearly $300,000, sales are struggling to keep pace according to the housing market report released today by the New York State Association of REALTORS®.

The median sales price escalated to $299,950 – a 7.1-percent increase in year-over-year comparisons.  With an economy growing slower than the prices of homes, it is still leaving buyers struggling with affordability in some markets. The good news for home buyers continues to be interest rates. In July, a 30-year fixed mortgage rate fell to 3.77 percent according to Freddie Mac.

Pending sales did climb 5-percent to 13,355 sales and are still 1.7-percent ahead of last year’s pace at 82,499 units. Closed sales fell 2.1-percent to 12,733 houses. New listings, however, are still up in year-over-year comparisons, 1-percent to 132,918 units.

Days on the market remained unchanged from July of 2018 at 63 days and months supply of inventory fell 1.5-percent to 6.5 months.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.