Housing inventory hits lowest mark ever ALBANY — As 2023 ended, the inventory of homes for sale across the Empire State fell to the lowest recorded level in history, according to the housing report that the New York State Association of Realtors (NYSAR) released on Jan. 19. “Inventory of homes for sale across New York […]
Housing inventory hits lowest mark ever
ALBANY — As 2023 ended, the inventory of homes for sale across the Empire State fell to the lowest recorded level in history, according to the housing report that the New York State Association of Realtors (NYSAR) released on Jan. 19. “Inventory of homes for sale across New York dropped to an all-time recorded low” of 24,469 units in December 2023, down 17.8 percent from the 29,768 homes available in December 2022, the association said. The number of homes available for sale has declined in year-over-year comparisons now for 50 straight months. New York realtors sold 8,611 previously owned homes in December, a 12.6 percent decrease from the 9,855 existing homes sold in December 2022. Closed sales fell for the 28th consecutive month in year-over-year comparisons.
Interest rates have started to come down in month-over-month comparisons. NYSAR cites Freddie Mac as indicating the average on a 30-year fixed-rate mortgage dropped from 7.44 percent in November to 6.82 percent in December. For comparison, a year ago, the interest rate stood at 6.36 percent.
New York sales data
Pending sales totaled 6,528 in December, up 0.7 percent from the 6,483 pending sales in the same month in 2022, according to the NYSAR data. That foreshadows a possible slight rebound in closed sales in the next couple of months. New listings in the state edged up 0.4 percent to 5,791 in December from 5,769 in the year-ago month. Amid the tight supply of homes, house prices rose on a year-over-year basis. The December 2023 statewide median sales price was $380,000, up 10.1 percent from the December 2022 median sales price of $345,000. The months’ supply of homes for sale at the end of December stood at 2.7 months, down 7 percent from 2.9 months’ supply a year prior, according to NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association said. 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.