ALBANY, N.Y., April 20, 2023 (GLOBE NEWSWIRE) -- For the 41st consecutive month in year-over-year comparisons, housing inventory dropped across the Empire State, helping to slow the New York housing market even further, according to the housing report released today by the New York State Association of REALTORS®.
Inventory of homes for sale dropped to just 30,298 homes compared to 34,605 available homes last March. This marks a 12.4 percent decrease. There hasn’t been an increase in housing inventory in year-over-year comparisons since October 2019.
Closed sales fell 28.4 percent across the state from 10,664 sales in March 2022 to only 7,633 units last month. Pending sales were down as well, dipping 11.2 percent from 12,519 sales last March to 11,118 homes in March 2023. New listings plummeted to just 13,228 units last month, down 22.9 percent from the 17,166 listings in March 2022.
According to Freddie Mac, despite dropping the last three weeks of March, the monthly rate on a 30-year fixed-rate mortgage was up slightly from 6.50 percent in February to 6.54 percent last month.
Median sales prices of homes dipped slightly from $401,500 in March 2022 to $377,000 just last month. This represents a decline of 6.1 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/1aa452be-3d07-445d-96af-e4b8093fadd8
