PHOTO CREDIT: NYSAR
ALBANY, NY — New York realtors sold 10,101 previously owned homes in November, down 23 percent from the 13,120 homes sold a year ago, continuing a string of declines in closed home sales in recent months amid tight inventory and higher interest rates.
November pending sales were also down more than 22 percent, pointing to further declines in closed home sales over the next few months.
That’s according to the New York State Association of Realtors’ (NYSAR) November housing market report, released Dec. 21.
“The inventory of homes for sale is down for the 37th straight month year-on-year, while mortgage rates continue to more than double compared to this time last year,” NYSAR said in its housing report.
The association quotes Freddie Mac as saying that the average monthly interest rate on a 30-year fixed-rate mortgage was 6.81 percent in November, compared to 3.07 percent in November 2021.
Pending sales in New York state totaled 9,214 in November, down 22.4 percent from 11,874 pending home sales for the same month in 2021, according to NYSAR data.
Home prices in upstate New York continued to rise, but at a much slower pace than at the start of 2022. The statewide median home selling price in November was $375,000, up 2.7 percent from the median home selling price of $365,000 in November corresponds to November 2021.
Monthly supply of homes for sale was 3.2 months at the end of November, flat from a year earlier. A supply of 6 to 6.5 months is considered a balanced market according to NYSAR.
The number of homes for sale in the Empire State was 36,490 in November, down 9.5 percent from the November 2021 figure of 40,321. New registrations fell by 18.2 percent to 9,694 in November 2022, compared to 11,846 in the previous year.
All home sales data is compiled from multiple listing services in the state of New York and includes existing single-family homes, townhomes, and condos, according to NYSAR.
Comments are closed.