Home sales drop across New York as mortgage rates remain above 7% in May
June 21 2024 - 12:00PM
Home sales dropped across New York State in May as mortgage rates
continued to remain above seven percent, according to the housing
report released today by the New York State Association of
REALTORS®.
Closed sales dipped 4.1 percent from 8,826 homes to
8,465 homes in year-over-year comparisons. Pending sales were down
from 10,981 units in May 2023 to 8,465 homes last month. This marks
a 4.0 percent decrease. New listings were up 2.1 percent in May –
from 14,957 listings in 2023 to 15,265 homes in 2024.
Mortgage rates hit as high as 7.22 percent in May
according to Freddie Mac and settled on an average monthly rate on
a 30-year fixed-rate mortgage of 7.06 percent. A year ago, at this
time, the interest rate stood at 6.43 percent.
Inventory of homes across New York continues to
drop. In May 2023 there were 29,236 available homes across the
Empire State compared to just 26,076 last month, representing a
10.8 percent drop in year-over-year comparisons.
Median sales prices jumped up 8.3 percent in May,
climbing 8.3 percent from $390,000 in May 2023 to $422,500 in
2024.
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®.
Contact:Scott MorlockDirector of Communications
518-463-0300 x208 officesmorlock@nysar.com
An infographic accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fd31f832-61df-4a48-8285-5b47050866e5