ALBANY, N.Y. — New York realtors sold 12,291 previously owned homes in July, down 14.1 percent from the 14,302 homes sold in July 2021 as the housing market continued to cool off. Pending sales fell more than 9 percent in the month, possibly foreshadowing further declines in closed sales in the next couple months. The […]
ALBANY, N.Y. — New York realtors sold 12,291 previously owned homes in July, down 14.1 percent from the 14,302 homes sold in July 2021 as the housing market continued to cool off.
Pending sales fell more than 9 percent in the month, possibly foreshadowing further declines in closed sales in the next couple months. The data comes from the New York State Association of Realtors (NYSAR)’s July housing-market report issued on Aug. 18.
“The New York housing market continued to cool in July, as rising sales prices, low inventory, and high mortgage rates slowed buyer activity,” NYSAR said to open its housing report.
NYSAR cited data from Freddie Mac indicating that mortgage interest rates, which had risen for seven straight months, dropped slightly in July. The monthly average on a 30-year fixed-rate mortgage fell from 5.52 percent in June, to 5.41 percent in July. The figure is still more than 2.5 percentage points higher than the average mortgage rate of 2.87 percent in July 2021, NYSAR noted.
Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending sales in the Empire State totaled 12,930 in July, a decline of 9.1 percent from the 14,221 pending sales in the same month in 2021, according to the NYSAR data.
The July 2022 statewide median sales price was $420,000, up 9.1 percent from the July 2021 median sales price of $385,000.
The months supply of homes for sale at the end of July stood at 3.3 months, down nearly 6 percent from 3.5 months a year earlier. A 6 month to 6.5-month supply is considered to be a balanced market, NYSAR said.
The inventory of homes for sale in New York state totaled 40,426 in July, off almost 14 percent from 46,936 homes in the year-ago month.
All home-sales data is compiled from multiple-listing services in the state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.