New York housing market continues to be busy in March
Albany, NY – April 22, 2021 – Closed and pending sales remained robust in March, marking the seventh straight month of gains in year-over-year comparisons, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales climbed 36.7 percent in March – from 8,051 homes at the beginning of the pandemic last March to 11,008 this year. Pending sales jumped from 9,276 homes in March 2020 to 14,757 units this year – a 59.1 percent increase.
Inventory levels continue to struggle as the number of homes for sale across New York fell 30.1 percent – from 52,536 homes in March 2020 to just 36,739 units available last month.
Median sales prices once again were on the rise, escalating to $365,000 in March 2021. This represents a 30.4 percent increase from the $280,000 median price in March 2020.
Mortgage interest rates however, rose for the third consecutive month. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in March jumped to 3.08 percent. Yet, this is still lower than the 2020 average rate of 3.11 percent.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.