CNY closed homes sales fall 10 percent in May, median sales price rises over 5 percent

SYRACUSE, N.Y. — Realtors in a six-county region of Central New York sold 622 homes in May, down 10.2 percent from 693 homes in the year-ago month.

The CNY monthly median sales price hit $181,250 in May, up 5.4 percent from $172,000 in May 2021, according to the latest housing-market report released by the Greater Syracuse Association of Realtors (GSAR) on June 21.

“Central New York home selling prices continued to show solid growth from year-ago totals in May even as buyers wrestled with the changing economy and mortgage rate hikes,” said Lynnore Fetyko, GSAR CEO. “As we head into the summer months, Central New York’s [realtors] believe the market will remain active, but at a less frenzied pace than last summer.”

Pending home sales (houses under contract) in Central New York fell 25.7 percent in May to 788 from 1,060 in May 2021, indicating that further drops in closed homes sales could occur in in the next couple months, per the GSAR data.

“Rising mortgage rates and continued home selling price growth are combining to strain buyers’ budgets as they also contend with increased living expenses due to rapid inflation,” said Fetyko. “As a result, buyers are being more selective in their offers and watching their budgets much more closely.”

All data is compiled from the Central New York Information Service and includes single-family residential activity in Cayuga, Madison, Oneida, Onondaga, Oswego, and Seneca counties.

Year-to-date through May 31, realtors in the region sold 3,117 existing homes, down 6.6 percent from 3,339 in the same period in 2021. The year-to-date (Jan. 1 to May 31) median sales price of $175,000 is 9.4 percent higher than $160,000 a year ago. Pending home sales for the first five months of this year totaled 3,323, down 16.8 percent from 3,996 in the same timeframe in 2021.

GSAR is the trade association representing more than 2,000 realtors in Central New York.