ALBANY, N.Y., July 20, 2023 (GLOBE NEWSWIRE) -- Despite the heat of the summer months, the New York housing market remains cooler than usual for this time of year due to a combination of continued low inventory and higher borrowing costs, according to the housing report released today by the New York State Association of REALTORS®.
Inventory of homes for sale across the state fell from 42,286 homes in June 2022 to just 31,605 units last month, representing a 25.3 percent decline. This marks 44 consecutive months that the number of homes available has fallen in year-over-year comparisons.
Interest rates again rose slightly in June, according to Freddie Mac. The monthly average on a 30-year fixed rate mortgage bumped up from a monthly average of 6.43 percent in May 2023 to a 6.71 percent monthly average last month.
Closed sales dropped 22.2 percent in June – from 13,095 sales in June 2022 to 10,186 units in June 2023. Pending sales were also on the decline, falling 6.2 percent in year-over-year comparisons from 12,967 in June 2022 to 12,166 last month. New listings of homes also fell, dropping to just 15,019 listings in June 2023, representing a 25.8 percent decline from the 20,238 listings in June 2022.
Median sales prices remained comparable to 2022, escalating just 0.2 percent from $425,000 in last June to $426,001 in June 2023.
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®.
Information:
518.463.0300
www.nysar.com
Contact:
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/6238507a-9e2c-4fc3-b257-c1e014cdb9ee
