Sales continue to fall amid fluctuating interest rates and low inventory
Albany, NY – May 18, 2023 – With interest rates continuing to be in flux and inventory of homes reaching record lows, closed sales across New York continue to fall, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales plummeted 29.6 percent last month from 9,857 homes in April 2022 to just 6,944 units in April 2023. Pending sales were down from 12,209 homes in April 2022 to 10,599 units last month, representing a 13.2 percent decline. New listings of homes fell 23.4 percent in year-over-year comparisons, from 17, 021 homes last April to just 13,040 listings in April 2023.
Inventory of homes for sale dropped to just 31,177 units In April, representing a 14.3 percent decrease from the 36,369 homes available last April. This is the lowest number of monthly homes available in New York State since Showing Time started recording housing statistics in January 2007.
Interest rates continue to fluctuate, starting April at 6.28 percent on a 30-year fixed-rate mortgage, but ended the month at 6.43 percent. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage settled in at 6.34 percent – slightly down from the 6.54 percent average last month.
Median sales prices of homes dipped marginally from $400,000 in April 2022 to $389,000 just last month. This represents a decrease of 2.8 percent.
Additional data is available at http://www.nysar.com/industry-resources/market-data.