ALBANY — New York realtors sold 8,630 previously owned homes in June, down 17.4 percent from the 10,446 existing homes sold in June 2023. Pending sales also fell in June, pointing to further declines in closed home sales in the next couple months, the New York State Association of Realtors (NYSAR) said in its June […]
ALBANY — New York realtors sold 8,630 previously owned homes in June, down 17.4 percent from the 10,446 existing homes sold in June 2023. Pending sales also fell in June, pointing to further declines in closed home sales in the next couple months, the New York State Association of Realtors (NYSAR) said in its June housing report issued on July 23. “Home prices rose for the 11th consecutive month and interest rates remained near seven percent, hampering homebuyers across the Empire State,” NYSAR said to open its housing report. The association cites Freddie Mac as indicating mortgage rates on a 30-year fixed-rate mortgage averaged 6.92 percent. By comparison, in June 2023, the average interest rate was 6.71 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 in New York totaled 10,346 homes in June, a decrease of 5.8 percent from the 10,979 pending home sales in the same month in 2023, according to the NYSAR data. Amid the continued tight housing supply, home prices continued their upward trajectory. The June 2024 statewide median sales price was $448,000, up 8.5 percent from the June 2023 median sales price of $413,000. The months’ supply of homes for sale at the end of June stood at 3.1 months, unchanged from the end of June 2023, per NYSAR. A 6-month to 6.5-month supply is considered a balanced market. The inventory of homes for sale in New York state totaled 27,603 in June, a decrease of 4.5 percent compared to the June 2023 figure of 28,896. New listings fell 5 percent in June to 13,769 from 14,493 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.