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Strong buyer demand, low supply define New York housing market in July
Albany, NY – August 21, 2020 – Healthy buyer demand and constrained supply continued to be the narrative for the New York State housing market in July, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to NYS COVID-19 guidance, new listings rose 17.0 percent to 23,637 units versus 20,210 homes in July 2019. Pending sales rocketed from 13,343 units to 18,679 homes in July – a 40.0 percent increase in year over year comparisons. Year to date though, pending sales are still down 7.6 percent from 2019.
Inventory continued to hinder New York State REALTORS® in July. The number of homes for sale fell 21.3 percent from 67,168 units in July 2019 to 52,879 homes this year. Months supply of homes shrank 15.8 percent – from 5.7 months to 4.8 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Closed sales dropped 26.5 percent from 13,212 units in July 2019 to 9,710 homes this year. The statewide median sales price of $300,000 in July represented an increase of 3.4 percent compared to the July 2019 median of $290,000.
Positive news for home buyers continued to be mortgage rates. The rate on a 30-year fixed rate mortgage in July fell to 3.03 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.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.