Closed sales continued to rise considerably year-to-year in the Empire State in November, according to the most recently monthly housing report from the New York State Association of Realtors.
Closed sales escalated 21.1% percent, from 10,961 units in November 2019 to 13,276 in 2020. Pending sales rose as well, increasing from 9,374 houses to 12,405 in year-over-year comparisons — a 32.3% jump. Year-to-date, pending sales are up 7.6% in 2020 with 138,611 homes in comparison to 119,336 last year at this time.
The median sales price continues to climb in the Empire State, surging 21.9%, from $274,900 in November 2019 to $335,000 last month.
Continued record low mortgage rates aided the strong housing market again in November. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in November fell to 2.77%. This is the twelfth consecutive month the average monthly rate has decreased.
The trend of low housing inventory has persisted into November. The number of homes for sale tumbled 20.5% from 60,413 units in November 2019 to 48,054 last month. The supply of inventory dropped 26.4%, from 5.3 months to 3.9 months.
