Housing Market Sees Growth as NY Home Sales Increase in January
Albany, NY – February 21, 2025 – Housing sales improved for the second consecutive month despite interest rates continuing to hover near seven percent, according to the housing report released today by the New York State Association of REALTORS®.
Closed home sales across New York State escalated by 3.1 percent, from 7,395 in January 2024 to 7,625 homes in 2025. New listings also saw a modest climb, improving from 9,078 listings last year to 9,125 this year marking a 0.5 percent increase in year-over-year comparisons. Pending sales did decrease by 4.9 percent, dropping to 6,520 sales last month from 6,855 pending sales in January 2024.
Interest rates on a 30-year fixed-rate mortgage have hovered between 6 and 7 percent for most of the last two and a half years according to Freddie Mac. In January, rates settled in at 6.96 percent on average. By comparison, a year ago at this time, the average interest rate stood at 6.64 percent.
The inventory of homes for sale fell from 23,640 active listings in January 2024 to 22,876 homes in January 2025. This represents a decline of 3.2 percent.
Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024. This marks 18 consecutive months the median price has risen in year-over-year comparisons.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
NY housing market sees sales climb despite record-low inventory
Albany, NY – January 24, 2025 – Home sales inched upwards in December despite housing inventory reaching its lowest point in recorded history, according to the housing report released today by the New York State Association of REALTORS®.
Housing inventory fell 2.6 percent in December, from 23,808 units available in December 2023 to a record low 23,198 homes in December 2024. This marks the lowest number of homes for sale since statistics started being kept by NYSAR in 1997.
Sales across the Empire State did increase in December. Closed sales rose 3.7 percent – from 8,814 homes in December 2023 to 9,138 units last month. Pending sales rose from 6,207 homes in December 2023 to 6,423 homes in 2024. This represents a 3.5 percent increase in year-over-year comparisons. New listings were also up 3.9 percent in December – from 5,742 listings in 2023 to 5,968 listings in 2024.
Interest rates dropped slightly in December, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage ended the month at 6.72 percent, which is lower than the November average rate of 6.81 percent. For comparison, a year ago, the interest rate stood close to November’s average rate of 6.82 percent.
Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
NYSAR Statement on Governor Hochul’s State of the State Address
The New York State Association of REALTOR(S), Inc. (NYSAR) applauds Governor Hochul for proposing new and enhanced programs to assist New York homebuyers during her annual State of the State address.
We support the creation of a Pro-Housing Supply Infrastructure Fund that will assist local governments with infrastructure challenges and enable the development of housing across New York. Providing further technical assistance in the development of master plans and zoning updates will also enable communities in New York to create more housing. Developers of housing in New York routinely lament the process of navigating New York’s environmental review process. We are hopeful that Governor Hochul’s proposal to streamline the review of modest sized developments will lead to an increased development of housing.
The governor’s proposal to allow for an opt-in to local governments to offer a tax incentive program for owners of low to moderate income homebuyers will open the door housing for New Yorkers that struggle with the property their tax burden.
NYSAR stands ready to work with Governor Hochul and the state legislature to strengthen efforts combatting bias and illegal discrimination in real estate appraisals. There is no room for illegal discrimination in any facet of the real estate transaction. Every homeowner and buyer deserve a fair and unbiased property valuation, free from discrimination or systemic inequities. To this end NYSAR was supportive of New York’s first in the nation requirement, that all real estate appraisers, beginning in 2022, complete a fair housing and fair lending education course to obtain and renew their license — an important step in promoting accountability and awareness.
NYSAR’s Statement on Governor Hochul’s 2025 priorities
Purchasing a home in New York State remains unaffordable for too many, which is why we are happy to learn that Governor Kathy Hochul has incorporated in her 2025 planning a strategy long supported by NYSAR to incentivize down payment savings.
NYSAR has championed legislation to help residents save for down payment and closing costs associated with the purchase of a home. In 2024, a bill proposed by NYSAR was introduced by Senator Jeremy Cooney (Rochester) and Assemblyman Phil Ramos (Suffolk County) that would create a state tax deductible savings account for New York first-time home buyers, operating like the state’s existing 529 College Savings program.
Although the details of Governor Hochul’s proposal are still unknown, it appears she is considering a similar program, and we urge her to incorporate the NYSAR plan in her budget proposal.
There are many benefits to this approach. Assisting New Yorkers to afford our state’s notoriously high closing costs would help clear a significant hurdle to home buying. Additionally, saving to provide larger down payments allows borrowers to avoid higher interest rates and fees, including private mortgage insurance (PMI).
The governor is proposing other home buying incentive programs that NYSAR will evaluate once specifics are available.
New York Home Inventory Drops Amid Rising Mortgage Rates
Albany, NY – December 19, 2024 – Inventory of homes for sale across New York State dropped to the lowest point since March while interest rates continue to inch closer to seven percent, according to the housing report released today by the New York State Association of REALTORS®.
Housing inventory dropped in November, from 29,499 homes available in 2023 to a modest 26,152 units last month. This represents an 11.3 percent decline and the lowest number of available homes since March when there were just 25,756 available properties.
Interest rates in November climbed once again according to Freddie Mac, averaging out to 6.81 percent on a 30-year fixed-rate mortgage. This is nearly a half point higher than the 6.43 percentage rate in October, yet still lower than November 2023, when rates were standing at 7.44 percent.
Closed sales across the Empire State dipped 4.6 percent from 9,079 sales in November 2023 to 8,660 units in November 2024. Pending sales did rise 3.6 percent in year-over-year comparisons, from 7,602 homes in 2023 to 7,874 homes in 2024. New listings were down 8.6 percent from 9,252 units in 2023 to 8,455 homes last month. This marks an 8.6 percent decline.
Median sales prices continue to jump as well, elevating 9.5 percent in November, from $370,000 in November 2023 to $405,000 last month.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Take Action Now: Say NO to mandated fire sprinklers in NY homes
REALTOR® CALL FOR ACTION: New statewide mandate requiring New Yorkers to install home fire sprinkler systems being considered
The State Fire Prevention and Building Code Council released its proposed amendments to the state Uniform Code, which includes a new unfunded mandate requiring the installation of residential fire sprinkler systems in all new 1-2 family homes and townhomes.
NYSAR is not opposed to fire sprinklers, however, we believe it should remain the choice of the consumer whether to install them in their home. Among several issues of concern include additional costs associated with the installation and maintenance of the system, particularly for those homes on well water, making homeownership even less affordable for New Yorkers. Importantly, state law already exists requiring home builders to provide purchasers of newly constructed homes with information on the benefits and estimated costs associated with the installation of fire sprinklers, which NYSAR supports.
Take Action now and tell the governor, state lawmakers, and Code Council to oppose mandated residential fire sprinklers in New York. Please share the link with colleagues and clients.
New York home prices soar as mortgage rates inch higher in October
Albany, NY – November 21, 2024 – Home prices across New York jumped considerably in October while mortgage rates steadily climbed last month, according to the housing report released today by the New York State Association of REALTORS®.
The median price of a home in the Empire State rose 11.0 percent in October, rising from $374,000 in October 2023 to $415,000 last month. This marks the sixteenth consecutive month that median sales prices have risen in year-over-year comparisons.
Interest rates rose every week during October, according to Freddie Mac, settling in at an average interest rate of 6.43 percent on a 30-year fixed-rate mortgage. This is up from the 6.18 percent average last month, but still well below the 7.62 percent average in October 2023.
Closed sales across New York were down 3.8 percent in year-over-year comparisons, from 9,989 sales in October 2023 to 9,609 homes sold just last month. Pending sales rose from 9,270 homes last October to 10,044 units in October 2024. This marks an 8.3 percent increase. Pending sales also inched upwards, raising 1.5 percent from 12,446 listings in October 2023 to 12,637 units last month.
Homes for sale were down across New York in October, from 30,830 available homes in 2023 to 28,691 homes last month. This represents a 6.9 percent decrease.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Amid rising prices, existing home sales drop across New York
Albany, NY – October 23, 2024 – Median home prices rose for the 13th consecutive month across New York while sales of existing homes dropped in September, according to the housing report released today by the New York State Association of REALTORS®.
Median home prices jumped 8.4 percent in September, from $387,000 last year to $420,000 in 2024. Median sales prices have risen every month in year-over-year comparisons since July 2023.
Closed sales dipped 5.5 percent to 9,352 units in September 2024 from 9,900 existing home sales in September 2023. Pending sales increased 2.6 percent from 8,887 homes last September to 9,122 homes in September 2024. New listings also rose from 12,618 in September 2023 to 12,957 units last month. This marks a 2.7 percent increase in year-over-year comparisons.
Inventory across the Empire State fell once more in September – from 30,730 homes on the market in September 2024 to 29,198 just last month.
According to Freddie Mac, mortgage rates on a 30-year fixed-rate mortgage fell to their lowest rate in September in two years at 6.08 percent, averaging 6.18 percent for the month. For comparison, the interest rate in September 2023 averaged 7.20 percent.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Applications being accepted for NYSAR Leadership Academy 8 through October 11
NYSAR is now accepting applications for Leadership Academy 8 through October 11, 2024.
The New York State Association of REALTORS® Leadership Academy identifies, educates, and inspires future leaders in a professional, supportive environment. NYSAR is seeking applicants representing a cross-section of the profession. In addition to their real estate and REALTOR® association activities, these leaders and potential leaders should be active in; business, education, the arts, government, community organizations, ethnic or minority groups, or real estate specialty areas, and will reflect the diversity of the New York State Association of REALTORS®.
LA8 RETREAT SCHEDULE/LEARNING MODULES:
Retreat 1 – January 12-14, 2025 – Poughkeepsie – “Leveraging Your Leadership Style”
Retreat 2 – March 9-11, 2025 – NYC – “Leading in an Organization”
Retreat 3 – June 15-17, 2025 – Lake George – “Find Your Voice”
Retreat 4 – July 20-22, 2025 – Alexandria Bay/Clayton – “Writing Your Story”
Retreat 5 – September 12-14, 2025, Verona NY “Everything Matters/Graduation”
For an application for Leadership Academy 8, click here.
Home prices move higher as inventory shrinks once again in New York
Albany, NY – September 19, 2024 – Prices of homes across New York jumped again in August while inventory across the state declined once more, according to the housing report released today by the New York State Association of REALTORS®.
The median sales price of homes in New York rose in August from $410,000 in 2023 to $444,713 in 2024. This marks the 13th consecutive month in year-over-year comparisons.
Inventory across the state dropped yet again from 29,787 units in August 2023 to just 27,851 homes last month. This represents a 6.5 percent decline in available homes. It is the 18th consecutive month in year-over-year comparisons that inventory has fallen.
Closed sales of homes dropped 9.1 percent last month from 11,638 homes in 2023 to 10,581 sales in 2024. Pending sales also were on the decline, dipping to just 10,097 sales. This represents a 2.9 percent decrease from the 10,394 pending sales in 2023. New listings declined 5.8 percent in August 2024, from 13,297 listings last year to 12,522 listings last month.
Mortgage rates have continued to drop this summer. According to Freddie Mac, interest rates on a 30-year fixed-rate mortgage averaged 6.50 percent last month, dropping three-tenths of a percent. For comparison, in August 2023, interest rates stood at 7.07 percent.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
REALTOR® Call for Action: Tell Congress to Protect Independent Contractor Status
While the ability to work as an independent contractor has been recognized and protected under the Internal Revenue Code (IRC) since 1982, recent lawsuits, state legislation, and new federal rules now threaten this vital classification. The U.S. Department of Labor’s (DOL) final rule on independent contractor status under the Fair Labor Standards Act (FLSA) is causing significant concerns and questions about real estate agents’ rights and classification choices. Urge your member of Congress to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents and direct sellers maintain their independent contractor status under the FLSA. TAKE ACTION NOW.
New York State housing market shows signs of improvement in July
Albany, NY – August 22, 2024 – Home sales and new listings increased across the Empire State in July, while mortgage interest rates continued to decline, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales of homes jumped 3.5 percent in July – from 9,584 units in 2023 to 9,923 homes last month. Pending sales were also on the rise, increasing from 9,849 homes in July 2023 to 10,618 homes in 2024, marking a 7.8 percent increase. New listings of homes inched up 0.5 percent in July, from 13,260 listings in 2023 to 13,322 homes in 2024.
Mortgage rates have dropped this summer, falling below seven percent in July. According to Freddie Mac, interest rates on a 30-year fixed-rate mortgage averaged 6.84 percent last month, falling eight-tenths of a percent.
Inventory of homes across New York continues to drop for potential home buyers. In July 2023, there were 29,642 homes available across New York compared to just 28,045 units on the market in July 2023. This represents a 5.4 percent decline in year-over-year figures.
The median sales price of homes rose 8.7 percent in July, from $400,000 median price per home to $435,000.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
