ALBANY, N.Y. — New York realtors sold 12,451 previously owned homes in May, up 12.2 percent from the 11,095 homes sold in the year-ago month. However, pending sales fell more than 3 percent in May, pointing to likely sales declines in the next month or two. The data comes from the New York State Association […]
ALBANY, N.Y. — New York realtors sold 12,451 previously owned homes in May, up 12.2 percent from the 11,095 homes sold in the year-ago month.
However, pending sales fell more than 3 percent in May, pointing to likely sales declines in the next month or two.
The data comes from the New York State Association of Realtors (NYSAR)’s May housing-market report issued on June 21.
“Mortgage rates surged to over 5 percent in May and home prices continued their upward climb across the Empire State,” NYSAR said to open its report.
The association cited data from Freddie Mac indicating that the monthly average on a 30-year fixed-rate mortgage rose from 4.98 percent in April to 5.23 percent in May. This is the first time the monthly average rate has been over 5 percent since January 2010, when it stood at 5.03 percent.
New York sales data
Pending sales totaled 14,306 in May, a decline of 3.3 percent from the 14,793 pending sales in the same month in 2021, according to the NYSAR numbers.
The statewide median sales price soared more than 35 percent to $480,000 in May of this year from $355,000 in May 2021 as the supply of available homes remained tight.
The months supply of homes for sale at the end of May stood at 2.8 months, down more than 12 percent from 3.2 months a year prior, per NYSAR’s report. A 6 month to 6.5 month supply is considered to be a balanced market, per the association.
The inventory of homes for sale totaled 35,573 in May, down over 18 percent from 43,458 in the year-earlier month.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums, in addition to existing single-family homes, according to NYSAR.