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Less inventory of homes amounts to fewer sales in New York State

Nov 21, 2019

Albany, NY – November 21, 2019 - Against the continual backdrop of fewer homes on the market, homebuyers in New York State closed 12,408 sales during October, falling 4.1-percent from October 2018, according to the housing market report released today by the New York State Association of REALTORS®.

Inventory of homes for sale dropped for the fourth consecutive month, falling 4.2-percent to 69,081 units and new listings inched lower as well, 2.3-percent to 16,457 houses.

Pending sales, however, increased 2.6 percent in New York State, totaling 11,844 units in October, and are up 2.6-percent in year-over-year comparisons to 108,699 homes.

The median sales price growth trend continued, climbing to $280,000 – an 8.1-percent increase compared to this time last year.

While interest rates did rise slightly, up 0.8-percent to 3.69-percent on a 30-year fixed mortgage, according to Freddie Mac, the rates are still one-percent lower than those in October 2018.

Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.

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October 2019 Housing Market

In October, the New York State housing market saw 12,408 closed sales, 16,457 new listings, a median sales price up 8.1% from October last year to $280,000 and an average of 68 days on the market. Click here to read more.

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