ALBANY, NY, July 20, 2022 (GLOBE NEWSWIRE) — A prolonged lack of homes on the market across the Empire State, combined with high prices and escalating mortgage rates continue to slow the New York housing market according to the housing report released today by the New York State Association of REALTORS®.
Inventory decreased 14.3 percent across New York in June, falling from 45,441 homes available in 2021 to just 38,965 units available last month. Months’ supply of inventory fell from 3.3 months to 3.1 months marking a 6.1 percent drop. A 6-month to 6.5-month supply is considered to be a balanced market.
The average median sales price in June in the Empire State jumped to $428,825. This marks a 13.1 percent increase from the $379,000 price in June of 2021. In year-over-year comparisons, median sales prices have now increased for 26 consecutive months.
According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose once again, rising from 5.23 percent in May 2022 to 5.52 percent in June 2022. This is the highest the monthly average commitment rate has been since November 2008, when it stood at 6.09 percent.
Closed sales fell 8.6 percent – from 13,693 homes in June 2021 to 12,520 sales last month. Pending sales dropped to 14,326 homes in June 2022 from 15,321 in June 2021. This marks a 6.5 percent decline. New listings also fell to just 20,138 homes, representing a 6.4 percent decrease from the 21,516 listings in June of 2021.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 60,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.
Scott Morlock
Director of Communications
518-463-0300 x208 office
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac789e5e-5eff-4c71-af92-68a858c8aa81
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