July 2021 NYS Housing Market
ALBANY, N.Y., Aug. 23, 2021 (GLOBE NEWSWIRE) — Median sales prices rose to a record-high $390,000 in New York in August while inventory has continued to decline for 21 consecutive months, according to the housing report released today by the New York State Association of REALTORS®.
The median sales price in New York State escalated 33.3 percent from $292,545 in July of 2020 to a record-breaking $390,000 last month. Year-to-date, median sales prices are up 28.1 percent – from $285,000 last year to $365,000 in 2021.
Inventory of homes for sale remained low in July. A total of 44,025 homes were on the market last month – a decrease of 19.5 percent compared to the 54,700 available in July 2020. The last time there was a rise in inventory was October 2019. Months supply of inventory declined to 3.2 months, which represents a 38.5 percent drop from the 5.2 months average in July 2020.
Both new listings and pending sales were down in July. New listings dropped 16.2 percent to 19,834 homes from the 23,670 listings in July 2020. Pending sales fell from 17,514 homes last year to 15,267 in July 2021 – a decrease of 12.8 percent.
Good news for homebuyers as mortgage interest rates fell to their lowest rate since February. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in July fell to 2.87 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®.
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/811c0c45-8f50-4df5-a153-5cb53ddfc368
