New York home sales plunge more than 22 percent in June

ALBANY, N.Y. — New York realtors sold 10,186 previously-owned homes in June, a decline of 22.2 percent from the 13,095 existing homes sold a year earlier as inventory keeps falling and interest rates keep rising.

Pending sales also fell more than 6 percent, indicating that closed home sales will likely continue to decline in the next couple months.

That’s according to the June monthly housing report that the New York Association of Realtors (NYSAR) issued recently.

“Despite the heat of the summer months, the New York housing market remains cooler than usual for this time of year due to a combination of continued low inventory and higher borrowing costs,” NYSAR said to open its housing report.

NYSAR cited Freddie Mac as indicating interest rates again rose in June. The monthly average on a 30-year fixed rate mortgage bumped up from a monthly average of 6.43 percent in May to a 6.71 percent monthly average in June.

Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.

New York sales data

Pending sales totaled 12,166 in June, a drop of 6.2 percent from the 12,967 pending sales in the same month in 2022, according to the NYSAR data.

The June 2023 statewide median sales price was about $426,000, up slightly from the June 2022 median sales price of $425,000.

The months’ supply of homes for sale at the end of June stood at 3.2 months, down nearly 9 percent from the 3.5 months’ supply at the end of June 2022, per NYSAR’s report.

A 6 month to 6.5 month supply is considered a balanced market, the association said.

The number of homes for sale totaled 31,605 in June, a decline of 25.3 percent compared to the June 2022 figure of 42,286. It marks 44 straight months that the number of homes available has fallen in year-over-year comparisons, NYSAR said.

New listings fell 25.8 percent to 15,019 this June from 20,238 last June.

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.