ALBANY, N.Y., Feb. 21, 2023 (GLOBE NEWSWIRE) -- Homes sales dropped across the Empire State to start 2023 to the lowest point since the beginning of the COVID-19 pandemic, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales fell 34.3 percent from 11,300 sales in January 2022 to just 7,420 last month. This marks the lowest number of sales in a month since May 2020. Pending sales were also down, dropping 11.8 percent from 8,688 in January 2022 to 7,663 in January 2023. New listings decreased from 10,984 homes in January 2022 to 9,743 listings last month, representing an 11.3 percent decline.
The median sales price of homes dropped 2.6 percent in year-over-year comparisons from $390,000 last January to $379,950 in January 2023. This is the 2nd consecutive month median sales prices have fallen.
Inventory of homes for sale fell once more to only 30,944 units available in January 2023. This marks a 7.2 percent drop from the 33,348 units available in January 2022. This is the 39th consecutive month that the housing inventory has fallen in year-over-year comparisons.
January did bring welcome news for home buyers as the average monthly interest rate on a 30-year fixed-rate mortgage dipped slightly from 6.36 percent in December 2022 to 6.27 percent in January, 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/f6f2f8f7-2f84-41e6-ac35-4e4e19955fb7
