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Less inventory of homes amounts to fewer sales in New York State 

Albany, NY – November 21, 2019 - Against the continual backdrop of fewer homes on the market, homebuyers in New York State closed 12,408 sales during October, falling 4.1-percent from October 2018, according to the housing market report released today by the New York State Association of REALTORS®. 

Inventory of homes for sale dropped for the fourth consecutive month, falling 4.2-percent to 69,081 units and new listings inched lower as well, 2.3-percent to 16,457 houses.

Pending sales, however, increased 2.6 percent in New York State, totaling 11,844 units in October, and are up 2.6-percent in year-over-year comparisons to 108,699 home. 

The median sales price growth trend continued, climbing to $280,000 – an 8.1-percent increase compared to this time last year.

While interest rates did rise slightly, up 0.8-percent to 3.69-percent on a 30-year fixed mortgage, according to Freddie Mac, the rates are still one-percent lower than those in October 2018.

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

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The November/December Digital edition of New York State REALTOR is now available!

Meet our 2019 REALTOR of the Year Award winner, find out what makes our Community Service Award winners so special, get an early look at what our Government Affiars team is working on for 2020 and much more in the November/December issue of New York State REALTOR magazine. Read the latest issue.
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