NY housing market continues its strong momentum to start 2021
Albany, NY – February 19, 2021 – A robust winter housing market continued into 2021 with both pending and closed sales remaining strong, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to COVID-19 protocols, closed sales rose 16.7 percent – up from 9,557 units in January 2020 to 11,153 homes last month. Pending sales also escalated to kick off 2021, with 10,588 units in January 2021 – up from 8,612 homes in 2020 in year-over-year comparisons.
Inventory continues to be a concern at the start of 2021, dropping 26.7 percent with 38,885 homes available this January compared to 53,054 in January 2020. New listings decreased 15.5 percent as well – from 14,515 to begin 2020 to 12,265 listings available in January 2021.
The median sales price jumped to $355,000 last month. This represents a 20.3 percent increase from the $295,000 median price in January 2020.
Low mortgage rates remained positive, aiding home buyers in January. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in January stood at 2.74 percent – a slight increase from 2.68 percent in December 2020.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.