ALBANY, N.Y., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Healthy buyer demand and constrained supply continued to be the narrative for the New York State housing market in July, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to NYS COVID-19 guidance, new listings rose 17.0 percent to 23,637 units versus 20,210 homes in July 2019. Pending sales rocketed from 13,343 units to 18,679 homes in July – a 40.0 percent increase in year over year comparisons. Year to date though, pending sales are still down 7.6 percent from 2019.
Inventory continued to hinder New York State REALTORS® in July. The number of homes for sale fell 21.3 percent from 67,168 units in July 2019 to 52,879 homes this year. Months supply of homes shrank 15.8 percent - from 5.7 months to 4.8 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Closed sales dropped 26.5 percent from 13,212 units in July 2019 to 9,710 homes this year. The statewide median sales price of $300,000 in July represented an increase of 3.4 percent compared to the July 2019 median of $290,000.
Positive news for home buyers continued to be mortgage rates. The rate on a 30-year fixed rate mortgage in July fell to 3.03 percent, according to Freddie Mac. This is the lowest monthly average commitment rate on a 30-year fixed-rate mortgage since Freddie Mac began tracking in 1971.
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®.
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/e61f4cf8-fdaa-4dd9-90d9-218574875f4c