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 homes.
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.