ALBANY, N.Y., Oct. 21, 2021 (GLOBE NEWSWIRE) — The median price of homes has continued to climb for 17 consecutive months in year-over-year comparisons, while sales declined in September for the first time since August of 2020, according to the housing report released today by the New York State Association of REALTORS®.
Median sales prices escalated to $378,000 in September. This represents an 18.5 percent increase from the $319,000 price in September 2020. The New York market has seen 17 consecutive months of median sales increases in year-over-year comparisons.
Closed sales are down for the first time in 13 months, falling 4.6 percent from 13,907 sales last September to 13,274 units last month. Pending sales dropped from 15,607 homes to just 13,588 units – a drop of 12.9 percent. New listings of homes also fell, decreasing from 21,155 sales in September 2020 to 16,563 last month. This marks a 21.7 decrease in month-over-month comparisons.
Inventory of homes for sale has fallen for 23 consecutive months in year-over-year comparisons. In September 2020, there were 54,863 homes for sale compared to just 42,849 in September 2021 – a 21.9 percent decrease.
Mortgage interest rates rose slightly in September. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in September inched up to 2.90 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®.
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