ALBANY, N.Y., March 21, 2023 (GLOBE NEWSWIRE) -- With a continued lack of inventory and Interest rates starting to rise once again, closed sales dropped to their lowest point in nearly a decade, according to the housing report released today by the New York State Association of REALTORS®.
Closed sales plummeted 34.3 percent, from 9,351 sales in February 2022 to only 6,147 units last month. This marks the lowest number of closed sales in month-over-month comparisons since February 2014 when there were just 5,700 units sold. New listings were down as well, from 11,760 listings in February 2022 to 9,905 in February 2023 representing a 15.8 percent decline. Pending sales also fell 8.1 percent from 9,350 homes last year to 8,593 sales pending in February 2023.
According to Freddie Mac, interest rates escalated every week during the month of February. The monthly rate on a 30-year fixed-rate mortgage started the month at 6.09 percent but ended February at 6.50 percent.
Inventory of homes also fell in year-over-year comparisons. The 30,308 homes available in February 2023 marked an 8.2 percent decline in the 33,031 units available in February 2022. This is the 40th consecutive month that the housing inventory has fallen in year-over-year comparisons.
Median sales prices of homes dipped moderately from $400,000 in February 2022 to $375,000 just last month. This represents a decline of 6.3 percent.
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/87e5eecc-4fac-41bd-aa30-8728004a347b
