New York home sales dive nearly 23 percent in October

ALBANY, N.Y. — New York realtors sold 11,105 previously owned homes in October, down 22.8 percent from the 14,379 homes they sold in October 2021.

Pending sales in October fell 18 percent, likely foreshadowing further declines in closed home sales in the next couple months.

That’s according to the New York State Association of Realtors (NYSAR)’s October housing-market report issued on Nov. 18. 

“Interest rates ballooned to the highest monthly average in two decades and housing inventory declined yet again in October, slowing home sales even further across the Empire State,” NYSAR said in its report.

Home-price increases slowed significantly in October compared to prior months. The October 2022 statewide median sales price was $370,000, up just 0.5 percent from the October 2021 median sales price of $368,000. Earlier this year, we saw double-digit, year-over-year home-price increases.

New York state’s months’ supply of homes for sale at the end of October stood at 3.4 months, down slightly from 3.5 months a year ago, per NYSAR’s report. A 6-month to 6.5-month supply is considered to be a balanced market. 

The number of homes for sale in the state totaled 39,064 in October, down 12 percent compared to the October 2021 figure of 44.379.

Pending home sales in the Empire State totaled 10,626 in October, down
18 percent from the 12,959 pending sales in the same month in 2021, according to the NYSAR data.

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, per NYSAR.