New York housing inventory hit all-time low in November

ALBANY, N.Y. — The number of homes for sale in New York fell to an “all-time low” in November to 27,779 homes, down nearly 21 percent from the same month in 2022, and 40 percent below the housing inventory of three years ago. 

That’s according to the November monthly housing report that the New York Association of Realtors (NYSAR) issued on Dec. 20.

“Inventory of homes across the Empire State fell to record lows in November while elevated sales prices slowed New York’s housing market even more,” the New York State Association of Realtors (NYSAR) said in the housing report. 

New York realtors closed on the sale of 8,819 previously owned homes in in the 11th month of 2023, a 13.7 percent decline from the 10,221 existing homes sold in November 2022. It was the 27th straight month in which closed sales fell in year-over-year comparisons. 

NYSAR cited Freddie Mac as indicating interest rates, although still elevated, dropped in month-over-month comparisons — falling from 7.62 percent on a 30-year fixed-rate mortgage in October to 7.44 percent in November. A year earlier, the average rate on a 30-year fixed-rate mortgage was 6.81 percent.

New York sales data

Pending home sales in the Empire State totaled 7,970 homes in November, up 1.4 percent from 7,859 in the same month in 2022, according to the NYSAR data.

The November 2023 statewide median sales price was $370,000, up 2.6 percent from the November 2022 median sales price of nearly $360,500.

The months’ supply of homes for sale at the end of November stood at 3.0 months, down 9 percent from the 3.3 months of supply at the end of November 2022, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association stated.

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.