ALBANY — New York realtors sold 9,609 previously owned homes in October, a drop of 3.8 percent from the 9,989 existing homes sold in the year-ago month. At the same time, pending sales rose more than 8 percent in the latest month, foreshadowing gains in closed home sales in the next couple of months, according […]
ALBANY — New York realtors sold 9,609 previously owned homes in October, a drop of 3.8 percent from the 9,989 existing homes sold in the year-ago month.
At the same time, pending sales rose more than 8 percent in the latest month, foreshadowing gains in closed home sales in the next couple of months, according to the New York State Association of Realtors (NYSAR) October housing report issued on Nov. 21.
“Home prices across New York jumped considerably in October while mortgage rates steadily climbed last month,” NYSAR said to open the report.
NYSAR cited Freddie Mac as indicating interest rates rose every week during October, settling in at an average interest rate of 6.43 percent on a 30-year fixed-rate mortgage. This is up from the 6.18 percent average in September, but still well below the 7.62 percent average in October 2023. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending home sales in New York state totaled 10,044 in October, up 8.3 percent from the 9,270 pending sales in the same month in 2023, according to the NYSAR data.
The inventory of homes for sale in the state totaled 28,691 in October, down nearly 7 percent from the October 2023 figure of 30,830. New listings of homes for sale rose 1.5 percent to 12,637 this October from 12,446 a year prior.
The months’ supply of homes for sale at the end of October stood at 3.2 months, down from 3.4 months’ supply at the end of October 2023, per NYSAR’s housing report. A 6-month to 6.5-month supply is considered a balanced market, the association says.
Amid the continued tight supply of homes, prices continue to rise across the Empire State. The October 2024 statewide median sales price was $415,000, up about 11 percent from the October 2023 median sales price of $374,000.
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.
