Record-low inventory and rising prices slow New York home sales

Albany, NY – March 20, 2025 – New York home prices climbed for the 19th consecutive month, while inventory hit another record low, further slowing buyer activity, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).

Housing inventory in New York dropped to 22,518 units in February 2025, a 5.3 percent decline from the 23,777 homes available in February 2024. This marks the lowest number of homes for sale since NYSAR began tracking data in 1997.

Meanwhile, home prices surged 15.4 percent year-over-year, from a median of $378,000 in February 2024 to $436,125 last month. The last time median sales prices declined in year-over-year comparisons was July 2023.

Closed sales fell 7.3 percent, from 6,380 homes in February 2024 to 5,915 units last month. Pending sales also dropped 6.6 percent, from 7,397 in February 2024 to 6,909 in February 2025. New listings declined 11.8 percent, with just 8,609 homes hitting the market last month, compared to 9,756 in February 2024.

Mortgage rates continue to hover near 7 percent, with the average 30-year fixed rate mortgage at 6.84 percent in February 2025, according to Freddie Mac. By comparison, rates were slightly lower at 6.78 percent a year ago.