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Prices rise, sales decline across New York State in August

Albany, NY – September 21, 2022 – Home prices across the Empire State rose once again in August while home sales continued to decline, according to the housing report released today by the New York State Association of REALTORS®.

Closed sales fell 10.9 percent in August from 15,367 homes in 2021 to only 13,740 units last month. Pending sales of homes dipped from 14,464 homes in August 2021 to 13,740 homes in 2022. This represents a five percent decline. New listings of homes were also down in year-over-year comparisons, falling 15.2 percent – from 18,099 listings in August 2021 to 15,344 just a month ago.

The median sales price of homes across New York state escalated 3.8 percent in August, from $390,000 in 2021 to $405,000 in 2022. This marks 28 consecutive months in year-over-year comparisons that median sales prices have increased.

Inventory of homes for sale fell 15.5 percent in New York State – from 46,367 homes in August 2021 to just 39,179 in August 2022. Months’ supply of inventory fell 8.6 percent from 3.5 months of inventory in August 2021 to just 3.2 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.

Good news for homebuyers as mortgage interest rates dropped slightly last month. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage fell from 5.41 percent in July 2022, to 5.22 in August 2022. This is still over two percentage points higher than the rate of 2.84 percent in August 2021.

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