CNY closed, pending home sales fall in January amid tight inventory; home prices rise

SYRACUSE, N.Y. — A 30 percent drop in available homes for sale put a crimp in housing sales in Central New York to start the year.

Closed sales in the six-county CNY area covered by the Greater Syracuse Association of Realtors (GSAR) fell 3.6 percent to 617 in January from 640 a year ago and pending sales fell more than 31 percent to 441 from 641, according to a GSAR report issued on Feb. 23.

New listings fell over 19 percent in January compared to January 2020 and the total inventory of homes for sale was down 30 percent. This caused months’ supply of inventory to dip to 1.9 months from 2.6 months a year prior.

Amid the tight supply, the median sales price climbed 16 percent to $156,500 from nearly $135,000 a year ago.

“As we experience a continuation of last year’s trends, it’s clear that the story of the 2021 Central New York housing market will hinge largely on the participation of sellers in the coming months,” Lynnore Fetyko, CEO of GSAR, said in the report. “If the ongoing home price gains entice sellers to come off the sidelines and mortgage rates remain near historic lows, then our regional economy will receive a significant boost from housing.”

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. GSAR is a trade association representing more than 1,700 realtors in Central New York.