{"id":11483,"date":"2024-05-07T04:20:51","date_gmt":"2024-05-07T09:20:51","guid":{"rendered":"https:\/\/1reason.com\/re\/new-york-housing-inventory-continues-to-set-records-falls-yet-again-in-march\/11483\/"},"modified":"2024-05-07T23:20:51","modified_gmt":"2024-05-08T04:20:51","slug":"new-york-housing-inventory-continues-to-set-records-falls-yet-again-in-march","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/new-york-housing-inventory-continues-to-set-records-falls-yet-again-in-march\/11483\/","title":{"rendered":"New York housing inventory continues to set records, falls yet again in March"},"content":{"rendered":"
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March 2024 NYS Housing Snapshot<\/figcaption>
\n <\/figure>\n

\n<\/p><\/div>\n

ALBANY, N.Y., April 18, 2024 (GLOBE NEWSWIRE) — Once again, housing inventory across New York State fell to another record low in March, according to the housing report released today by the New York State Association of REALTORS\u00ae.<\/p>\n

Inventory of homes across the Empire State fell 14.7 percent in March \u2013 from 28,060 units in 2023 to a record-setting low of only 23,924 homes statewide. This marks the 13th<\/sup> consecutive month inventory has dropped in year-over-year comparisons and is the lowest number of homes for sale since statistics have been kept in New York State.<\/p>\n

Closed sales fell from 7,790 sales in March 2023 to 6,685 homes last month, representing a 14.2 percent decline. New listings were down 7.5 percent in year-over-year comparisons, from 12,749 listings in 2023 to 11,790 in March 2024. Pending sales were also lower, dipping 2.0 percent from 9,776 sales last year to 9,576 homes last month.<\/p>\n

Mortgage rates in March continued to rise closer to seven percent again. According to Freddie Mac, interest rates averaged 6.82 percent on a 30-year fixed-rate mortgage. This is up from the 6.78 percent rate in March. A year ago, at this time, the interest rate stood at 6.54 percent.<\/p>\n

Median sales prices rose in March, from $360,000 in 2023 to $380,000 in 2024. This marks a 5.6 percent rise in prices.<\/p>\n

Additional data is available at http:\/\/www.nysar.com\/industry-resources\/market-data<\/a>.<\/p>\n

Editor\u2019s 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. <\/em><\/p>\n

The New York State Association of REALTORS\u00ae<\/sup> is a not-for-profit trade organization representing more than 63,000 of New York State\u2019s real estate professionals. The term REALTOR\u00ae<\/sup> 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\u00ae<\/sup>. These REALTORS\u00ae<\/sup> are also members of the New York State Association of REALTORS\u00ae<\/sup> as well as their local board or association of REALTORS\u00ae<\/sup>.<\/p>\n

Contact:<\/p>\n

Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com<\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/ee42121b-66fe-440f-ab56-5584fd9c0e34<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n

March 2024 NYS Housing Snapshot<\/p>\n

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