New York housing market slowly begins rebounding in June
Albany, NY – July 22, 2020 – While the Empire State continued to re-open in June with “New York Forward,” real estate activity slowly began to strengthen, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to NYS guidance, many New York State REALTORS® started to show properties in-person, resulting in a 4.6 percent increase in new listings from a year ago from 21,272 units to 22,253 homes in June. However, year-to-date, new listings are still depressed 28.3 percent from 2019.
Pending sales are down from 13,834 sales to just 13,668 – a drop of 1.2 percent in year-over-year comparisons and are 25.1 percent lower year-to-date compared to 2019.
Closed sales declined 34 percent to 8,107 sales – down from 12,276 units in June 2019.
Inventory continues to be a large problem for REALTORS® as the number of homes for sale fell 19.6 percent from 72,432 units in June 2019 to 58,215 homes. The months supply of homes for sale fell from 6.3 months supply in June to 5.7 months – a dip of 9.5 percent in year-over-year comparisons.
The median sales price inched up 1.7 percent this June to $300,000 compared to $295,000 in June 2019.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.