{"id":9345,"date":"2023-08-09T02:09:32","date_gmt":"2023-08-09T07:09:32","guid":{"rendered":"https:\/\/1reason.com\/re\/new-york-housing-market-remains-cool-as-low-inventory-and-higher-borrowing-costs-persist\/9345\/"},"modified":"2023-08-09T21:09:32","modified_gmt":"2023-08-10T02:09:32","slug":"new-york-housing-market-remains-cool-as-low-inventory-and-higher-borrowing-costs-persist","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/new-york-housing-market-remains-cool-as-low-inventory-and-higher-borrowing-costs-persist\/9345\/","title":{"rendered":"New York housing market remains cool as low inventory and higher borrowing costs persist"},"content":{"rendered":"
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June 2023 NYS Housing Data<\/figcaption>
\n <\/figure>\n

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

ALBANY, N.Y., July 20, 2023 (GLOBE NEWSWIRE) — Despite the heat of the summer months, the New York housing market remains cooler than usual for this time of year due to a combination of continued low inventory and higher borrowing costs, according to the housing report released today by the New York State Association of REALTORS\u00ae.<\/p>\n

Inventory of homes for sale across the state fell from 42,286 homes in June 2022 to just 31,605 units last month, representing a 25.3 percent decline. This marks 44 consecutive months that the number of homes available has fallen in year-over-year comparisons.<\/p>\n

Interest rates again rose slightly in June, according to Freddie Mac. The monthly average on a 30-year fixed rate mortgage bumped up from a monthly average of 6.43 percent in May 2023 to a 6.71 percent monthly average last month.<\/p>\n

Closed sales dropped 22.2 percent in June \u2013 from 13,095 sales in June 2022 to 10,186 units in June 2023. Pending sales were also on the decline, falling 6.2 percent in year-over-year comparisons from 12,967 in June 2022 to 12,166 last month. New listings of homes also fell, dropping to just 15,019 listings in June 2023, representing a 25.8 percent decline from the 20,238 listings in June 2022.<\/p>\n

Median sales prices remained comparable to 2022, escalating just 0.2 percent from $425,000 in last June to $426,001 in June 2023.<\/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 60,000 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

Information:
518.463.0300
www.nysar.com<\/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\/6238507a-9e2c-4fc3-b257-c1e014cdb9ee<\/a><\/p>\n<\/p>\n

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

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<\/p>\n

June 2023 NYS Housing Data<\/p>\n

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