ALBANY — New York realtors sold 9,352 previously owned homes in September, a drop of 5.5 percent from the 9,900 existing homes sold in the year-ago month. Pending sales, however, increased more than 2 percent in September, foreshadowing a rise in closed sales in the next couple of months. That’s according to the New York […]
ALBANY — New York realtors sold 9,352 previously owned homes in September, a drop of 5.5 percent from the 9,900 existing homes sold in the year-ago month.
Pending sales, however, increased more than 2 percent in September, foreshadowing a rise in closed sales in the next couple of months. That’s according to the New York State Association of Realtors (NYSAR) housing report issued on Oct. 23.
“Median home prices rose for the 13th consecutive month across New York while sales of existing homes dropped in September,” NYSAR said to open its report.
NYSAR also cited Freddie Mac as indicating mortgage rates on a 30-year fixed-rate mortgage fell to their lowest rate in September in two years at 6.08 percent, averaging 6.18 percent for the month. For comparison, the interest rate in September 2023 averaged 7.20 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending home sales totaled 9,122 in New York in September, up 2.6 percent from 8,887 pending sales in the same month in 2023, according to the NYSAR data.
The inventory of homes for sale in the Empire State totaled 29,198 in September, down 5 percent from the September 2023 figure of 30,730. New listings rose 2.7 percent to 12,957 in September from 12,618 in the year-ago month.
The months’ supply of homes for sale in New York at the end of September stood at 3.3 months’ supply, down from 3.4 months’ supply at the end of September 2023, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association said.
Amid the continuing tight supply of homes, prices in New York continued to climb. The September 2024 statewide median sales price rose to $420,000, up 8.4 percent from the September 2023 median sales price of $387,500.
All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
