ALBANY, N.Y. — New York realtors closed on the sale of 7,155 previously owned homes in April, up 1.5 percent from the 7,046 existing homes they sold in April 2023. Pending sales climbed more than 6 percent in April, pointing to further increases in closed home sales in the next couple months, according to the […]
ALBANY, N.Y. — New York realtors closed on the sale of 7,155 previously owned homes in April, up 1.5 percent from the 7,046 existing homes they sold in April 2023. Pending sales climbed more than 6 percent in April, pointing to further increases in closed home sales in the next couple months, according to the April housing report that the New York State Association of Realtors (NYSAR) issued on May 22. “Home sales and new listings showed new life, rising across the Empire State in April, despite mortgage rates exceeding seven percent for the first time this year,” NYSAR said to open its housing report. NYSAR cited Freddie Mac as indicating mortgage rates exceeded 7 percent in April for the first time in 2024. Interest rates peaked at 7.17 percent in April, settling on an average monthly rate on a 30-year fixed-rate mortgage of 6.99 percent. A year ago at this time, the interest rate stood at 6.34 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending sales totaled 9,946 in April, a rise of 6.3 percent compared to the 9,357 pending sales in the same month in 2023, according to the NYSAR data. New listings jumped an even 10 percent to 13,725 this April from 12,481 in the year-ago month. The months’ supply of homes for sale at the end of April stood at 2.8 months, down from 2.9 months’ supply at the end of April 2023, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association stipulates. The inventory of homes for sale across New York state totaled 25,524 in April, a decline of 9.4 percent compared to the April 2023 inventory figure of 28,179. Amid the still tight inventory, home prices continued to rise in the Empire State. The April 2024 statewide median sales price hit $413,750, up 9.5 percent from the April 2023 median sales price of $378,000. 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.