But pending sales, home prices rise ALBANY — New York realtors sold 7,203 previously owned homes in January, down 3.8 percent from the 7,486 existing homes they sold in January 2023. However, pending sales rose almost 9 percent, foreshadowing a rebound in closed home sales in the next couple of months, according to the monthly […]
But pending sales, home prices rise
ALBANY — New York realtors sold 7,203 previously owned homes in January, down 3.8 percent from the 7,486 existing homes they sold in January 2023.
However, pending sales rose almost 9 percent, foreshadowing a rebound in closed home sales in the next couple of months, according to the monthly housing report that the New York Association of Realtors (NYSAR) issued on Feb. 22.
“Low housing inventory continued to slow the New York housing market and with interest rates still fluctuating near 6.5 percent, 2024 began much the same as 2023 ended in the Empire State,” NYSAR said to open its news release about the January housing report. “New year, same story for New York State housing to start 2024” was the headline that NYSAR used for the release.
Interest rates moved marginally lower from December 2023 to January 2024 in month-over-month comparisons. NYSAR cites Freddie Mac as indicating the average on a 30-year fixed-rate mortgage dropped from 6.82 percent in December to 6.64 percent in January. For comparison, a year earlier, the interest rate stood at 6.27 percent.
New York housing data
The inventory of homes available for sale across the Empire State totaled 35.492 in January, a decline of 10.2 percent from the January 2023 figure of 39,544.
New listings of homes dipped 1.5 percent to 9,279 this January from 9,423 a year prior, per NYSAR.
Pending sales in New York state totaled 7,221 in January, an increase of 8.9 percent from the 6,629 pending home sales in the same month in 2023, the data shows.
Amid continued tight inventory, home prices jumped. The January 2024 statewide median sales price was $400,000, up 9.6 percent from the January 2023 median sales price of $365,000.
The months’ supply of homes for sale at the end of January stood at 3.9 months, unchanged from the end of January 2023, per the association’s monthly report. A 6 month to 6.5-month supply is considered a balanced market, 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.
