But pending sales rise in the month ALBANY, N.Y. — New York realtors sold 9,733 previously owned homes in October, down 13.9 percent from the 11,298 existing homes they sold in the year-prior month. This marked the 26th straight month in which closed sales fell on a year-over-year basis, according to the October monthly housing […]
But pending sales rise in the month
ALBANY, N.Y. — New York realtors sold 9,733 previously owned homes in October, down 13.9 percent from the 11,298 existing homes they sold in the year-prior month.
This marked the 26th straight month in which closed sales fell on a year-over-year basis, according to the October monthly housing report that the New York Association of Realtors (NYSAR) issued on Nov. 21. However, pending sales rose 3.5 percent in October, foreshadowing a possible bump up in closed sales in the next couple months.
“As interest rates inched closer to eight percent, sales of homes across the Empire State dipped once again in October,” the New York State Association of Realtors (NYSAR) said to open its news release about the October housing report.
NYSAR cites Freddie Mac as indicating interest rates peaked in October at 7.79 percent on a 30-year fixed-rate mortgage, finishing the month averaging 7.62 percent. This is up from the 7.20 percent average in the previous month. A year ago at this time, the average rate on a 30-year fixed-rate mortgage was 7.08 percent.
New York sales data
New listings of homes for sale in the Empire State totaled 12,423 in October, off 0.1 percent from 12,441 in the year-ago month.
Pending sales totaled 9,693 homes in this year’s 10th month, up 3.5 percent from 9,364 homes in October 2022, according to the NYSAR data.
The inventory of homes for sale in the state totaled 29,316 in October, a decline of 21.4 percent from the year-earlier figure of 37,276. It marks 48 consecutive months that the number of homes available for sale has fallen in year-over-year comparisons, NYSAR said.
The October 2023 statewide median sales price was $375,000, up almost 4.5 percent from the October 2022 median sales price of $359,000.
The months’ supply of homes for sale at the end of October stood at 3.2 months, down nearly 6 percent from the 3.4 months of supply a year before, per 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 state, and it includes townhomes and condominiums, in addition to existing single-family homes.