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Sales increase in February as inventory drops in New York State
Albany, NY – March 20, 2020 – Depsite the beginning of COVID-19 around the country, home sales in New York State rose in February in year-over-year comparisons, while inventory continued to drop according to the housing market report released today by the New York State Association of REALTORS®.
Closed sales inched upwards 1.7-percent to 7,563 from 7,437 units compared to this time last year. Pending sales jumped 12.8-percent in year-over-year comparisons, soaring to 9,964 homes from 8,836 units in February 2019. New listings escalated to 14,498 homes – rising 5.6-percent from last year’s mark of 13,728 units.
Median sales prices appreciated once again, climbing over the $300,000 mark to $301,000. This is a 9.1-percent increase over February 2019’s price of $276,000.
The number of homes available continued to be an ongoing issue as inventory dropped 8.9-percent from 62,318 homes a year ago in February to 56,747 last month.
Commitment rates for a 30-year fixed mortgage continued to entice homebuyers, falling to 3.47-percent in February, according to Freddie Mac. This is the lowest fixed mortgage rate since October 2016.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.