ALBANY, N.Y., Jan. 20, 2023 (GLOBE NEWSWIRE) -- Low inventory and decreasing home sales were indicators of a near perfect storm for a slowing market to close out 2022 across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales plummeted 31 percent from 14,138 sales in December 2021 to only 9,758 last month. Pending sales were down from 9,546 homes last December to 7,611 units in December 2022. This represents a 20.3 percent decline. New listings also dropped 25 percent - from 7,970 units in December 2021 to 5,979 homes available a month ago.
Inventory of homes for sale fell once more to only 31,222 units available in December 2022. This marks an 8.7 percent drop from the 34,212 units available in December 2021. This is the 38th consecutive month that the housing inventory has fallen in month-over-month comparisons.
The median sales price of homes dipped from $356,250 in December 2022 to $375,000 in December 2021, marking a five percent decrease in year-over-year comparisons.
December marked good news for home buyers as the average monthly interest rate on a 30-year fixed rate mortgage dipped from 6.81 percent in November 2022 to 6.36 percent in December, according to Freddie Mac.
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
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0b1d0fc-0ad3-46d7-8d40-b0bb88804245
