ALBANY, N.Y. — New York realtors sold 9,564 previously owned homes in September, a decline of 22.5 percent from the 12,335 existing homes sold in September 2022. Pending sales also fell more than 8 percent in the ninth month of 2023, pointing to further declines in closed home sales in the next couple months. The […]
ALBANY, N.Y. — New York realtors sold 9,564 previously owned homes in September, a decline of 22.5 percent from the 12,335 existing homes sold in September 2022.
Pending sales also fell more than 8 percent in the ninth month of 2023, pointing to further declines in closed home sales in the next couple months.
The data comes from the September monthly housing report that the New York Association of Realtors (NYSAR) issued on Oct. 19.
“Mortgage rates reached their highest point in over two decades while inventory continues to dwindle across the Empire State,” NYSAR said to open its housing report.
NYSAR cited Freddie Mac as indicating interest rates finished September at 7.31 percent on a 30-year fixed-rate mortgage. This is the highest level since the year 2000. In the latest month, the average on a 30-year fixed rate mortgage rose from a 7.07 percent average in August to 7.20 percent in September.
New York sales data
New listings of homes for sale fell 10.2 percent to 12,592 this September from 14,017 in the year-ago month, per NYSAR’s data.
Pending sales totaled 9,232 in September, off 8.1 percent from 10,049 pending sales in September 2022.
Home prices continued to climb amid the tight inventory. The September 2023 statewide median sales price was $390,000, up 6.8 percent from the year-ago median sales price of $365,000.
The months supply of homes for sale at the end of September stood at 3.1 months, down more than 9 percent from 3.4 months at the end of September 2022, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association said.
The total inventory of homes for sale totaled 28,943 in September, down 24 percent compared to the September 2022 figure of 38,082. It marks 47 straight months that the number of homes available for sale has fallen in year-over-year comparisons, NYSAR said.
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.