New York State Housing Market hit hard by COVID-19
Albany, NY – May 21, 2020 – As expected, the COVID-19 pandemic decimated the New York State housing market in April as new listings and pending sales both fell over 65 percent, according to the housing report released today by the New York State Association of REALTORS®.
With guidance in place not allowing for in-person showings across the Empire State, new listings fell 68.4 percent in April from 20,600 to 6,507 in year-over-year comparisons. Pending sales also fell precipitously, down 66.6 percent from 12,825 sales in April of 2019 to 4,287 sales last month.
Closed sales fell as well, dropping 29.3 percent to 6,626 sales – down from 9,374 units in April 2019.
Median sales prices slipped slightly as well in April – falling 2.6 percent to $262,000 from $269,000 at this time last year. This is the first drop in the median sales price in year-over-year comparisons since January 2016, ending a streak of 50 consecutive months of escalating median sales prices.
What remained positive for home buyers were interest rates. The rate on a 30-year fixed rate mortgage in April fell to 3.31 percent, according to Freddie Mac. This is the lowest monthly average commitment rate on a 30-year fixed-rate mortgage since Freddie Mac began tracking in 1971.
Months’ supply of inventory dropped 10.3 percent in April, from 5.8 months to 5.2.
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.