Pending sales rise in the Empire State as mortgage rates continue to drop in the second quarter

July 23, 2019 – With mortgage rates dropping yet again in the second quarter of 2019, pending sales in New York State inched up one percent from 39,663 homes to 40,054 units, according to the housing market report released today by the New York State Association of REALTORS®. 

In June, a 30-year fixed mortgage rate fell to 3.80 percent – the lowest rate since November of 2016, according to Freddie Mac. Accordingly, the 40,054 pending sales for the quarter were the second highest total since the second quarter of 2017 in a quarter-over-quarter comparison. 

The median sales price continues to trend upwards, elevating 5.7-percent in the second quarter from $265,000 to $279,999.  This marks 42 consecutive months that the median sales price is up in a year-over-year comparison. Year to date, the median sales price is also up; 5.8-percent to $275,000. 

Inventory saw a slight decline of 1.1-percent from 72,166 homes for sale to 71,344 units in a year-over-year comparison. The month’s supply of homes for sale remained unchanged at 6.4 months.

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