New York home sales rise 3.5 percent in July

ALBANY — New York realtors sold 9,923 previously owned homes in July, a 3.5 percent gain from the 9,584 existing homes sold in July 2023. Pending sales also climbed almost 8 percent in July, pointing to further gains in closed sales in the next couple months, according to the New York State Association of Realtors (NYSAR) July housing report issued on Aug. 22. “Home sales and new listings increased across the Empire State in July, while mortgage interest rates continued to decline,” NYSAR said to open its housing report. Mortgage rates have dropped this summer, falling below 7 percent in July, NYSAR said. It cited Freddie Mac as indicating interest rates on a 30-year fixed-rate mortgage averaged 6.84 percent that month, dropping eight-tenths of a percent. 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 10,618 in July, an increase of 7.8 percent compared to the 9,849 pending sales in the same month in 2023, according to the NYSAR data. Home prices continued to climb, with the July 2024 statewide median sales price hitting $435,000, up 8.8 percent from the July 2023 median sales price of $400,000. The months’ supply of homes for sale at the end of July stood at 3.1 months, down about 3 percent from the 3.2 months’ supply at the end of July 2023, per NYSAR’s report. A 6 month to 6.5-month supply is considered a balanced market, the association says. The inventory of homes for sale in New York state totaled 28,045 in July, down 5.4 percent from the July 2023 figure of 29,642. New listings edged up 0.5 percent to 13,322 this July from 13,260 a year prior. 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.