ALBANY — New York realtors closed on the sale of 8,660 previously owned homes in November 2024, a decline of 4.6 percent from the 9,079 homes they sold in November 2023. However, pending sales rose almost 4 percent in the 11th month of 2024, which could foreshadow increases in closed home sales in the next […]
ALBANY — New York realtors closed on the sale of 8,660 previously owned homes in November 2024, a decline of 4.6 percent from the 9,079 homes they sold in November 2023.
However, pending sales rose almost 4 percent in the 11th month of 2024, which could foreshadow increases in closed home sales in the next couple of months. That’s according to the November housing report that the New York State Association of Realtors (NYSAR) issued on Dec. 19.
“Inventory of homes for sale across New York State dropped to the lowest point since March while interest rates continue to inch closer to seven percent,” NYSAR said to open its housing report.
NYSAR cites Freddie Mac as indicating interest rates in November “climbed once again,” averaging out to 6.81 percent on a 30-year fixed-rate mortgage. That’s nearly a half point higher than the 6.43 percentage rate in October, yet still lower than November 2023, when rates were standing at 7.44 percent.
New York sales data
Pending home sales in New York state totaled 7,874 in November 2024, an increase of 3.6 percent from the 7,602 pending sales in the same month in 2023, according to the NYSAR data.
The total inventory of homes for sale in the Empire State totaled 26,152 in November 2024, down 11.3 percent from 29,499 in the year-prior month.
New listings of homes for sale also fell in the second to last month of 2024, slipping 8.6 percent to 8,455 from 9,252 in November 2023.
The months’ supply of homes for sale at the end of November 2024 stood at 2.9 months, down about 12 percent from the 3.3 months of supply a year earlier, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association stipulates.
With such tight inventory, home prices continued to rise precipitously. The statewide median sales price in New York state jumped 9.5 percent to $405,000 in November 2024, compared to the November 2023 median sales price of $370,000.
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.
