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Reduced inventory, rising interest rates curtail New York housing market in October
Albany, NY – November 21, 2023 – As interest rates inched closer to eight percent, sales of homes across the Empire State dipped once again in October, according to the housing report released today by the New York State Association of REALTORS®.
Interest rates peaked in October at 7.79 percent on a 30-year fixed-rate mortgage, according to Freddie Mac – finishing the month averaging 7.62 percent. This is up from the 7.20 average last month. A year ago at this time, the average on a 30-year fixed-rate mortgage was 7.08 percent.
Closed sales fell for the 26th consecutive month in year-over-year comparisons, from 11,298 homes in October 2022 to just 9,733 units last month. This represents a 13.9 percent decrease. Pending sales however did inch upwards, increasing 3.5 percent to 9,693 homes – up from the 9,364 homes last October. New listings remained similar from a year ago, dropping 0.1 percent from 12,440 listings to 12,423 this year.
Inventory of homes for sale across New York dropped in October as well, from 37,275 homes available in 2022 to only 29,316 units in October 2023. This marks a 21.4 percent decline in year-over-year comparisons.
The median sales price of homes jumped 4.5 percent in October – from $359,000 in 2022 to $375,000 in 2023.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.