ALBANY, NY, Jan. 20, 2023 (GLOBE NEWSWIRE) — Low inventories and falling home sales were indicators of a near-perfect storm for a slowing market that will close out 2022 across the Empire State, according to the housing report released today New York State Association of REALTORS®.
Closed sales plummeted 31 percent from 14,138 sales in December 2021 to just 9,758 sales last month. Pending sales fell to 7,611 units in December 2022 from 9,546 apartments last December. This corresponds to a decrease of 20.3 percent. New offers also fell by 25 percent – from 7,970 units in December 2021 to 5,979 available apartments a month ago.
The inventory of homes for sale fell again to just 31,222 units available in December 2022. This is an 8.7 percent decrease from the 34,212 units available in December 2021. This is the 38th consecutive month that the housing stock has fallen month-on-month comparisons.
The median home selling price fell from $356,250 in December 2022 to $375,000 in December 2021, a five percent year-over-year decrease.
December was good news for homebuyers as the average monthly interest rate on a 30-year fixed-rate mortgage fell to 6.36 percent in December from 6.81 percent in November 2022, according to Freddie Mac.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Editor’s Note: All data was compiled from multiple listing services in New York State and data includes townhouses, condos, and existing single family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 60,000 New York State real estate professionals. The term REALTOR® is a registered trademark that identifies real estate professionals who adhere 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® and their local board or association of REALTORS®.
Information:
518.463.0300
www.nysar.com
Contact:
Scott Morlock
Communications Director
518-463-0300 x208 office
[email protected]
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0b1d0fc-0ad3-46d7-8d40-b0bb88804245
Comments are closed.