ALBANY, N.Y. — New York realtors closed on the sale of 8,819 previously owned homes in May, down 20.4 percent from 11,075 existing homes sold in the state in the year-prior month. Pending sales also declined more than 4 percent, foreshadowing further but smaller declines in closed home sales in the next couple of months. […]
ALBANY, N.Y. — New York realtors closed on the sale of 8,819 previously owned homes in May, down 20.4 percent from 11,075 existing homes sold in the state in the year-prior month.
Pending sales also declined more than 4 percent, foreshadowing further but smaller declines in closed home sales in the next couple of months. That’s according to the May monthly housing report that the New York Association of Realtors (NYSAR) issued on June 22.
“Home prices inched lower across New York State in May while inventory continues to decline in year-over-year comparisons,” NYSAR said to open its housing report.
Interest rates rose slightly in May, starting the month at 6.39 percent on a 30-year fixed-rate mortgage, but ending May at 6.57 percent. NYSAR cited Freddie Mac as indicating the monthly average on a 30-year fixed-rate mortgage in May settled in at 6.43 percent, up from the 6.34 percent average in April. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New listings of homes for sale in New York state fell 18.4 percent to 15,540 from 19,040 in May 2022. Pending sales totaled 12,483 in May, down 4.1 percent from 13,017 pending sales in the same month in 2022, according to the NYSAR data.
The May 2023 statewide median sales price was $400,000, down 2.4 percent from the May 2022 median sales price of $410,000.
The months’ supply of homes for sale at the end of May stood at 3.2 months, unchanged compared to a year ago, per NYSAR. A 6-month to 6.5-month supply is considered a balanced market.
The number of homes for sale in the Empire State totaled 32,535 in May, down 16.4 percent from the May 2022 figure of 38,939, and off more than 25 percent from 43,607 homes for sale two years ago. The number of homes available for sale in New York has fallen in year-over-year comparisons for 43 straight months.
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.