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Low inventory, high prices guide NYS housing market in April
Albany, NY – May 21, 2021 –Inventory of homes for sale continued to decrease in the Empire State while home prices remained on the rise in April, according to the housing report released today by the New York State Association of REALTORS®.
For 17 consecutive months, the number of homes available has dwindled, in year-over-year comparisons. Amid the beginning of the COVID-19 pandemic in April 2020, inventory of units on the market was 49,195. In April 2021, there were 38,751 homes available – a 22.2 percent decrease.
The median price of homes continued to climb, escalating to $370,000 in April 2021. This represents an 42.3% increase from the $260,000 price in April 2020. This marks 11 consecutive months of increasing median sales prices.
Closed sales rose 47.6 percent in April 2021 – from 7,134 homes in the early stages of the pandemic last April to 10,528 this year. Pending sales were also elevated, from 5,312 homes in April 2020 to 14,596 units this year – a 174.8 percent increase.
Mortgage interest rates ticked down slightly in April 2021. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in April decreased to 3.06 percent from 3.08 percent in March 2021.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.