January 2025 NYS Housing Snapshot
ALBANY, N.Y., Feb. 21, 2025 (GLOBE NEWSWIRE) — Housing sales improved for the second consecutive month despite interest rates continuing to hover near seven percent, according to the housing report released today by the New York State Association of REALTORS®.
Closed home sales across New York State escalated by 3.1 percent, from 7,395 in January 2024 to 7,625 homes in 2025. New listings also saw a modest climb, improving from 9,078 listings last year to 9,125 this year marking a 0.5 percent increase in year-over-year comparisons. Pending sales did decrease by 4.9 percent, dropping to 6,520 sales last month from 6,855 pending sales in January 2024.
Interest rates on a 30-year fixed-rate mortgage have hovered between 6 and 7 percent for most of the last two and a half years according to Freddie Mac. In January, rates settled in at 6.96 percent on average. By comparison, a year ago at this time, the average interest rate stood at 6.64 percent.
The inventory of homes for sale fell from 23,640 active listings in January 2024 to 22,876 homes in January 2025. This represents a decline of 3.2 percent.
Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024. This marks 18 consecutive months the median price has risen in year-over-year comparisons.
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 63,000 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/69df0514-e333-4c29-886d-95b10c880af2
