ALBANY, N.Y., Oct. 20, 2022 (GLOBE NEWSWIRE) -- Interest rates increased yet again in September, slowing home sales even further across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales dipped 12.6 percent from 13,797 units in September 2021 to just 12,057 homes last month, marking a 12.6 percent decline. Pending sales fell 11.2 percent – from 12,686 homes last September to 11,269 homes in September 2022. New listings of homes also slowed from 16,656 listings in September 2021 to 14,461 in September 2022. This marks a 13.2 percent decrease in year-over-year comparisons.
Mortgage interest rates topped six percent for the first time since 2008, with rates more than double where they were at the beginning of the year. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage jumped from 5.22 percent in August 2022, to 6.11 in September 2022.
The median sales price of homes across New York State increased slightly in September, rising from $370,255 in September 2021 to $379,000 last month, marking a 2.4 percent increase.
Inventory of homes for sale dropped to just 39,370 units available in September 2022. This represents a decrease of 14.4 percent from the 45,987 homes on the market in September 2021. A 6-month to 6.5-month supply is considered to be a balanced market.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 60,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.
Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ee7d129-3df6-49b7-be2e-a7ddc8dc2463
