New York home sales fall again in August

ALBANY, N.Y. — New York realtors closed on the sale of 13,693 previously owned homes in August, down 10.9 percent from the 15,367 homes they sold in August 2021.

Pending sales in August also fell 5 percent, likely foreshadowing further declines in closed home sales in the next couple of months. 

Home prices across the state continued to rise on a year-over-year basis as new listings and the inventory of homes for sale kept falling. The data comes from the New York State Association of Realtors (NYSAR)’s August housing-market report issued Sept. 21.

Pending sales in New York totaled 13,740 in August, a decline of 5 percent compared to the 14,464 pending sales in the same month in 2021, according to the NYSAR data.

The August 2022 statewide median sales price was $405,000, up 3.8 percent from the August 2021 median sales price of $390,000. The year-over-year rise in prices was smaller than we’ve seen in prior months this year.

New listings fell 15.2 percent to 15,344 in August from 18,099 a year ago.

The number of homes for sale totaled 39,179 in August, down 15.5 percent from 46,367 in August 2021.

The months’ supply of homes for sale at the end of this August stood at 3.2 months, down more than 8.5 percent from 3.5 months a year earlier, according to NYSAR’s housing report. A 6-month to 6.5-month supply is considered to be a balanced market, the association said.

All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums. in addition to existing single-family homes, according to NYSAR.