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Demand continues to outpace inventory in New York State
Albany, NY – September 22, 2021 – The number of homes sold has risen for 12 consecutive months in year-over-year comparisons despite a continuation of low inventory across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales increased 16,9 percent from 12,663 units in August 2020 to 14,808 sold this year. For the year, closed sales are up 36.3 percent over this time last year.
Inventory of homes for sale has fallen for 22 consecutive months in year-over-year comparisons. In August 2020, there were 54,424 homes for sale compared to just 43,106 in August 2021. This represents a 20.8 percent reduction. Months supply of inventory fell 36 percent statewide from 5.0 months last year to 3.2 months in August 2021.
Median sales prices continue to climb, elevating 29.9 percent to $395,000 in August 2021 compared to $204,000 last August.
Pending sales and new listing were both down for August. Pending sales fell 8.4 percent from 16,766 in August 2020 to 15,357 in August 2021. New listings fell 15.9 percent in August as well. There were 18,023 listings last month compared to 21,442 in August 2020.
Mortgage interest rates, though, continue to aid homebuyers. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in August dipped to 2.84 percent – the lowest rate since February.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.