ALBANY, N.Y. — New York realtors sold 10,101 previously owned homes in November, down 23 percent from the 13,120 homes sold a year ago, continuing a string of closed home-sales declines in recent months amid tight inventory and higher interest rates. Pending sales in November also fell more than 22 percent, foreshadowing further drops in […]
ALBANY, N.Y. — New York realtors sold 10,101 previously owned homes in November, down 23 percent from the 13,120 homes sold a year ago, continuing a string of closed home-sales declines in recent months amid tight inventory and higher interest rates.
Pending sales in November also fell more than 22 percent, foreshadowing further drops in closed home sales in the next couple months.
That’s according to the New York State Association of Realtors (NYSAR)’s November housing-market report issued on Dec. 21.
“Inventory of homes for sale fell for the 37th consecutive month in year-over-year comparisons while mortgage rates continue to be more than double compared to this time last year,” NYSAR said in its housing report.
The association cites Freddie Mac as indicating the average monthly interest rate on a 30-year fixed-rate mortgage was 6.81 percent in November, compared to 3.07 percent in November 2021.
Pending sales in New York state totaled 9,214 in November, a decline of 22.4 percent from the 11,874 pending home sales in the same month in 2021, according to the NYSAR data.
Home prices continued to rise in New York state but at a much slower pace than seen earlier in 2022. The November statewide median home sales price was $375,000, up 2.7 percent from the November 2021 median sales price of $365,000.
The months’ supply of homes for sale at the end of November stood at 3.2 months, unchanged from a year earlier. A 6-month to 6.5-month supply is considered to be a balanced market, NYSAR says.
The number of homes for sale in the Empire State totaled 36,490 in November, off 9.5 percent from the November 2021 figure of 40,321. New listings fell 18.2 percent to 9,694 in November 2022 from 11,846 a year prior.
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.