Home sales prices, inventory climb as interest rates continue to fall
June 21, 2019 – Home sales prices continued to rise in New York State in May, while the inventory of homes for sale also inched upwards for the sixth consecutive month, according to the housing market report released today by the New York State Association of REALTORS®.
There also continues to be good financial news for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate dropped for the sixth straight month to 4.07 percent in May, the lowest rate since January 2018.
There were 69,118 homes for sale in the month of May – the most in New York State since October 2018.
The median sales price continues to escalate, jumping 6.0 percent to $273,200 compared to the same time last year. This marks 41 consecutive months that the median sales price is up in a year-over-year comparison. Additionally, the number of days a house was on the market decreased from 79 in May 2018 to 75.
The month’s supply of homes for sale was up 1.6 percent compared to May 2018 to a 6.2 month’s supply. A 6-month to 6.5-month supply is considered to be a balanced market.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.