As cooler weather approaches, the New York State real estate market continues to heat up with strong buyer activity amid continued low inventory, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to COVID-19 guidance, closed sales in New York State jumped 12.2 percent – from 11,878 homes last September to 13,322 units in September 2020. Pending sales were also on the rise, escalating from 11,264 homes to 16,813 units – a leap of 49.3 percent. Year-to-date, pending sales are also up 3 percent in 2020 with 110,994 homes compared to 107,749 in 2019.
New listings were on the rise as well, up 13.6 percent from 18,542 homes to 21,062 units in year-over-year comparisons. The statewide median sales price of $324,900 in September represented an increase of 17.5 percent compared to a $276,625 median price last year at the same time.
Housing inventory continued to be low in the Empire State in September. The number of homes for sale fell 21.5 percent from 67,107 units in September 2019 to 52,687 homes last month. Months supply of inventory also continued to drop off, dipping 22.4 percent – from 5.8 months to 4.5 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Mortgage rates continue to aid the strong housing market, falling yet again in September. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in September fell to 2.89 percent. This is the tenth consecutive month the average monthly rate has decreased.
