But housing inventory, new listings increased SYRACUSE — Realtors closed on the sale of 716 previously owned homes in October in the six-county Central New York area, down 18.9 percent from the 883 existing homes they sold in the year-ago month, according to a recent housing report from the Greater Syracuse Association of Realtors (GSAR). […]
But housing inventory, new listings increased
SYRACUSE — Realtors closed on the sale of 716 previously owned homes in October in the six-county Central New York area, down 18.9 percent from the 883 existing homes they sold in the year-ago month, according to a recent housing report from the Greater Syracuse Association of Realtors (GSAR).
Pending sales fell almost 27 percent to 541 this October from 739 in October 2023. That foreshadows further declines in closed home sales in the next couple of months.
“The Central New York housing market tends to slow down during the final months of the year and 2024 was no exception,” Nancy Quigg, GSAR president, said in the housing report that the association issued on Nov. 20. “There is positive news for buyers in the October data as the number of newly listed homes and overall housing inventory rose, which translates to increased choices as they look for their dream home. Moderating price growth also helps buyers find their next home within their target budget.”
The total inventory of homes for sales in Central New York jumped nearly 38 percent to 1,616 this October from 1,174 a year prior. New listings rose 5.6 percent to 908 in the latest month from 860 in October 2023. Months supply of inventory increased to 2.5 months in October from 1.7 months a year earlier.
“The increase in housing supply will help buyers going forward and position our housing market for growth in 2025,” said Reginia Tuttle, GSAR CEO, adding that Lawrence Yun, chief economist for the National Association of Realtors, recently forecasted a 9 percent gain in national home sales for 2025. Yun also predicted that mortgage rates would fluctuate between 5.5 percent and 6.5 percent. “We believe … Central New York’s housing market is primed to participate in this projected growth, especially as projects such as Micron move forward.”
The October median sales price of $226,000 in the CNY region represented an increase of 0.4 percent from $225,000 in October 2023.
GSAR is the trade association representing more than 2,200 realtors in Central New York. 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.
