Housing market continues upward trend as Spring arrives
May 21, 2019 – With the typically robust spring season upon us, new listings increased 2.4 percent in April and 3.9 percent year to date, while pending sales rose 1.2 percent compared to this time last year across the Empire State, according to the housing market report released today by the New York State Association of REALTORS®. There were 21,192 new listings and 12,835 pending sales in New York in April.
Median sales prices continue to climb, escalating 6.3 percent to $271,000. This marks 40 consecutive months that the median sales price is up in a year over year comparison. Year to date, median home sales are up 6.3 percent.
Despite a decline in closed sales from April of 2018, which fell 2.3 percent to 8,931 homes, decreasing mortgage rates are a good sign for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate fell to 4.14 percent in April, its lowest rate since January 2018.
Inventory continues to rise, increasing 1.1 percent to 64,531 homes for sale across the state. The month’s supply of homes for sale was up 3.6 percent compared to this time last year. In April, there was a 5.8 month supply of homes. A 6-month to 6.5-month supply is considered to be a balanced market that neither favors buyers or sellers.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.