August 2023 NYS Housing Market
ALBANY, N.Y., Sept. 21, 2023 (GLOBE NEWSWIRE) — Inventory of homes available across New York State shrunk once again as mortgage rates surged to a two-decade high in August, according to the housing report released today by the New York State Association of REALTORS®.
Inventory of homes for sale across the Empire State fell for the 46th consecutive month in year-over-year comparisons. In August 2023, there were 27,686 homes available in New York, compared to 37,865 units available last August. This represents a 26.9 percent decline.
Interest rates hit their highest point last month in over 20 years, according to Freddie Mac. The monthly average on a 30-year fixed rate mortgage rose from 6.84 percent in July, to 7.07 percent in August. This represents the highest monthly average since December 2001, when the monthly average was also 7.07 percent.
Closed sales across New York fell from 13,922 homes in August 2022 to just 11,310 last month, marking an 18.8 percent decline. New listings were also down, falling 10.3 percent from 14,863 units last August to 13,331 homes in August 2023. Pending sales dropped 11.4 percent in August as well – from 12,218 last year to just 10,826 sales in 2023.
The median sales price of homes inched higher from $392,620 last August to $411,500 in August 2023 representing a 4.8 percent increase 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 65,000 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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