But inventory hits another record low ALBANY — New York home sales increased in year-over-year comparisons for the first time in more than two years in February, while the number of homes available for sale fell to another record low. That’s according to the monthly housing report that the New York State Association of Realtors (NYSAR) […]
But inventory hits another record low
ALBANY — New York home sales increased in year-over-year comparisons for the first time in more than two years in February, while the number of homes available for sale fell to another record low.
That’s according to the monthly housing report that the New York State Association of Realtors (NYSAR) issued on March 21.
New York realtors sold 6,233 previously owned homes in February, up 0.6 percent from the 6,195 existing homes sold in February 2023. Additionally, pending sales rose nearly 5 percent in the second month of 2024, foreshadowing future increases in closed sales.
NYSAR cites Freddie Mac as indicating interest rates moved higher each week in February, averaging 6.78 percent on a 30-year fixed-rate mortgage. This is slightly up from the 6.64 percent rate in January. For comparison, a year ago, the interest rate stood at 6.50 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending home sales in New York totaled 7,864 in February, up 4.7 percent from the 7,511 pending sales in the same month in 2023, according to the NYSAR data.
The inventory of homes for sale in New York stood at 23,448 this February, down almost 17 percent from 28,170 in the year-earlier month. This marks the lowest number of homes for sale since statistics have been kept in New York state, NYSAR said. It also marks the 12th straight month in which inventory has dropped in year-over-year comparisons, the trade group added.
However, new listings rose 5 percent to 10,020 in the second month of this year from 9,541 new listings in February of last year.
The February 2024 statewide median sales price was $375,000, up nearly 4.2 percent from the February 2023 median sales price of $360,000.
The months’ supply of homes for sale at the end of this February stood at 2.6 months, down more than 7 percent from the 2.8 months’ supply at the end of February 2023, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, per the association.
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.
