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New York housing market continues to slow down to close 2022
Albany, NY – January 20, 2023 – Low inventory and decreasing home sales were indicators of a near perfect storm for a slowing market to close out 2022 across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales plummeted 31 percent from 14,138 sales in December 2021 to only 9,758 last month. Pending sales were down from 9,546 homes last December to 7,611 units in December 2022. This represents a 20.3 percent decline. New listings also dropped 25 percent – from 7,970 units in December 2021 to 5,979 homes available a month ago.
Inventory of homes for sale fell once more to only 31,222 units available in December 2022. This marks an 8.7 percent drop from the 34,212 units available in December 2021. This is the 38th consecutive month that the housing inventory has fallen in month-over-month comparisons.
The median sales price of homes dipped from $356,250 in December 2022 to $375,000 in December 2021, marking a five percent decrease in year-over-year comparisons.
December marked good news for home buyers as the average monthly interest rate on a 30-year fixed rate mortgage dipped from 6.81 percent in November 2022 to 6.36 percent in December, according to Freddie Mac.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.