Reduced inventory, rising interest rates curtail New York housing market in October

BY GlobeNewswire | AGENCY | 11/21/23 12:00 PM EST

ALBANY, N.Y., Nov. 21, 2023 (GLOBE NEWSWIRE) -- As interest rates inched closer to eight percent, sales of homes across the Empire State dipped once again in October, according to the housing report released today by the New York State Association of REALTORS?.

Interest rates peaked in October at 7.79 percent on a 30-year fixed-rate mortgage, according to Freddie Mac ? finishing the month averaging 7.62 percent. This is up from the 7.20 average last month. A year ago at this time, the average on a 30-year fixed-rate mortgage was 7.08 percent.

Closed sales fell for the 26th consecutive month in year-over-year comparisons, from 11,298 homes in October 2022 to just 9,733 units last month. This represents a 13.9 percent decrease. Pending sales however did inch upwards, increasing 3.5 percent to 9,693 homes ? up from the 9,364 homes last October. New listings remained similar from a year ago, dropping 0.1 percent from 12,440 listings to 12,423 this year.

Inventory of homes for sale across New York dropped in October as well, from 37,275 homes available in 2022 to only 29,316 units in October 2023. This marks a 21.4 percent decline in year-over-year comparisons.

The median sales price of homes jumped 4.5 percent in October ? from $359,000 in 2022 to $375,000 in 2023.

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?.

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/7f35f493-7dce-4f33-a901-745182c0ad86

Image: https://www.globenewswire.com/newsroom/ti?nf=ODk4Mjc0NyM1OTM3NDY2IzIwODI1Nzg=
Image: https://ml.globenewswire.com/media/ZDZlZmViNGItZGYxZC00NDU3LWFlN2QtN2NjNDk3OWQ4YzQ2LTEwOTQxNDk=/tiny/New-York-State-Association-of-.png

Image: Primary Logo

NYS Housing Report - October 2023
Image: https://ml.globenewswire.com/media/7f35f493-7dce-4f33-a901-745182c0ad86/medium/nys-housing-report-october-2023.jpg

NYS Housing Report - October 2023
Source: New York State Association of REALTORS?, Inc.

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