ALBANY, N.Y., Oct. 19, 2023 (GLOBE NEWSWIRE) — Mortgage rates reached their highest point in over two decades while inventory continues to dwindle across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Inventory of homes for sale dipped 24 percent across the state, from 38,082 homes in September 2022 to just 28,943 units available last month. This marks the 47th consecutive month in year-over-year comparisons of shrinking inventory.
Interest rates finished September at 7.31 percent on a 30-year fixed-rate mortgage, according to Freddie Mac. This is the highest level since the year 2000. For the month, the average on a 30-year fixed rate mortgage rose from a 7.07 percent average in August to 7.20 percent in September.
Closed sales fell to just 9,564 homes in September 2023. This marks a 22.5 percent decrease from the 12,335 sales in September 2022. Pending sales were also down, falling 8.1 percent from 10,049 homes last year to 9,232 units pending in September 2023. New listings fell as well, from 14,017 listings in September 2022 to 12,592 last month. This represents a 10.2 percent decline in year-over-year comparisons.
The median sales price of homes jumped 6.8 percent in September – from $365,000 in 2022 to $390,000 in 2023.
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 65,000 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®.
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/708797a9-d77f-4afa-983d-3cb16a4c20be
