Lack of affordable inventory continues to hamper NYS housing market growth
Albany, NY – September 20, 2019 – As a result of nearly four years of rising median sales prices, a shortage of affordable homes is affecting total home sales, according to the housing market report released today by the New York State Association of REALTORS®.
The median sales price has risen 44 consecutive months, escalating 8.0 percent in August to $296,900 in a year-over-year comparison. New listings in the Empire State have declined 2.8 percent to 18,117 units.
Low interest rates, which have fallen to 3.62 percent on a 30-year fixed mortgage, according to Freddie Mac, historically would entice buyers into the housing market. So far, lower interest rates haven’t been enough in New York State as closed sales dropped 8.3 percent from 14,708 units to 13,492 compared to this time last year. Pending sales are also down 1.1 percent in year-over-year comparisons, yet are slightly up for the year, increasing 1.5 percent to 95,429 properties year-to-date.
Days on the market continues to hold steady from August of 2018 at 61 days while months supply of inventory fell 3.0 percent to 6.4 months
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.