Inventory falls to all time low while prices climb

Inventory falls to all-time low, while home prices continue to climb across New York

December 20, 2023  Inventory of homes across the Empire State fell to record lows in November while elevated sales prices slowed New York’s housing market even more, according to the housing report released today by the New York State Association of REALTORS.
Inventory of homes for sale fell to an all-time low of 27,779 units in November. This marks a 20.7 percent decline in the 35,029 homes available in November 2022.
Median sales prices were up for the fourth consecutive month in year-over-year comparisons, rising 2.6 percent from $360,468 last November to $370,000 in 2023.
Interest rates, although still elevated, dropped in month-over-month comparisons falling from 7.62 percent on a 30-year fixed-rate mortgage in October to 7.44 percent in November, according to Freddie Mac. A year ago at this time, the average on a 30-year fixed-rate mortgage was 6.81 percent.
Closed sales fell 13.7 percent in November, from 10,221 sales in 2022 to just 8,819 sales last month. This marks the 27th consecutive month in year-over-year comparisons closed sales have fallen. Pending sales however, did inch upwards, increasing 1.4 percent to 7,970 homes up from the 7,859 homes last November. New listings dropped slightly in November, falling 1.5 percent from 9,359 listings in November 2022 to 9,220 listings last month.

Data and analysis compiled for the New York State Association of REALTORS by Showing Time Inc.  Jan 2024