ALBANY, N.Y. — New York realtors sold 10,935 previously-owned homes in January, down 5.4 percent from the 11,565 homes they sold in January 2021, as the industry grappled with record-low inventory. Pending sales in January edged up 0.6 percent to 9,698 from 9,639 a year prior, pointing to a possible reversal of sales declines in […]
ALBANY, N.Y. — New York realtors sold 10,935 previously-owned homes in January, down 5.4 percent from the 11,565 homes they sold in January 2021, as the industry grappled with record-low inventory.
Pending sales in January edged up 0.6 percent to 9,698 from 9,639 a year prior, pointing to a possible reversal of sales declines in coming months.
The data comes from the New York State Association of Realtors (NYSAR)’s January housing-market report issued Feb. 18.
“Inventory of homes for sale dropped to historically low rates in the beginning of 2022 while home prices continue to rise across the Empire State,” NYSAR said.
New York sales data
Amid the constrained supply of homes available for purchase, house prices continued to leap higher. The January 2022 statewide median sales price was $396,500, up more than 13 percent from the January 2021 median sales price of $350,000, and over 34 percent higher than the median price of $295,000 two years ago.
The months’ supply of homes for sale at the end of January stood at 2.3 months, down more than 36 percent from 3.6 months at the end of January 2021, per the NYSAR report.
A 6 month to 6.5-month supply is considered to be a balanced market, the association said.
The number of homes for sale totaled 29,535 in January, down more than 30 percent from 42,383 homes in January 2021 and off almost 55 percent from 54,070 homes in January 2020.
Central New York data
Realtors in Onondaga County sold 348 previously owned homes in January, down 3.1 percent from the 359 homes sold in the same month in 2021. The median sales price rose 9.5 percent to $180,700 from $165,000 a year ago, according to the NYSAR report.
The association also reports that realtors sold 162 homes in Oneida County in the first month of 2022, up 8.7 percent from 149 homes sold in January 2021. The median sales price increased 19.4 percent to $179,140 from $150,000 a year earlier.
Realtors in Broome County sold 133 existing homes in January, down 6.3 percent from 142 a year before, according to the NYSAR report. The median sales price fell 2.7 percent to $129,900 from $133,500 a year prior.
In Jefferson County, realtors closed on 85 homes in January, down 18.3 percent from 104 in January 2021, while the median sales price of $176,300 this January was up 7.5 percent from $164,000 in the year-ago month, according to the NYSAR data.
All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.