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Median Sales Price Remains High Despite Slow Start to 2019

The median sales price in New York State continued to rise in February, increasing 9.8-percent from this time last year, according to the housing market report released today by the New York State Association of REALTORS®.  The $280,000 median sales price last month is the highest for a month since January 2007 when the median sales price stood at $290,000.

Though pending sales decreased 1.5-percent to 8,915 units compared to the same time last year, they are up 1.3-percent year-to-date to 17,460. Closed sales were down 9-percent to 7,080 from February of 2018. 

Looking forward, there are encouraging signs for home owners. According to Freddie Mac, the rate for a 30-year fixed rate mortgage dropped for the third consecutive month to 4.37-percent. This is the lowest rate since February 2018 when it was 4.33-percent.

New listings were down 4.1 percent to 13,562 while inventory grew 0.7 percent to 60,966 units.

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