Closed and pending sales remained robust in March, marking the seventh straight month of gains in year-over-year comparisons, according to the housing report released today by the New York State Association of Realtors.
Closed sales climbed 36.7% in March, from 8,051 homes at the beginning of the pandemic last March to 11,008 this year. Pending sales jumped from 9,276 homes in March 2020 to 14,757 units this year, a 59.1% increase.
Inventory levels continue to struggle as the number of homes for sale across New York fell 30.1%, from 52,536 homes in March 2020 to just 36,739 units available last month.
Median sales prices once again were on the rise, escalating to $365,000 in March 2021. This represents a 30.4% increase from the $280,000 median price in March 2020.
Mortgage interest rates, however, rose for the third consecutive month. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in March jumped to 3.08%; however, this is still lower than the 2020 average rate of 3.11 percent.
