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NY real estate market remains strong during the holiday season
Albany, NY – December 22, 2020 – Closed sales continued to rise considerably year-to-year in the Empire State in November, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales escalated 21.1 percent – from 10,961 units in November 2019 to 13,276 in 2020. Pending sales rose as well, increasing from 9,374 houses to 12,405 in year-over-year comparisons – a 32.3 percent jump. Year-to-date, pending sales are up 7.6 percent in 2020 with 138,611 homes in comparison to 119,336 last year at this time.
The median sales price continues to climb in the Empire State, surging 21.9 percent – from $274,900 in November 2019 to $335,000 last month.
Continued record low mortgage rates aided the strong housing market again in November. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in November fell once more – to 2.77 percent. This is the twelfth consecutive month the average monthly rate has decreased.
The trend of low housing inventory has persisted into November. The number of homes for sale tumbled 20.5 percent from 60,413 units in November 2019 to 48,054 last month. Months supply of inventory dropped 26.4 percent – from 5.3 months to 3.9 months.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.