New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NY State Housing Inventory Reaches 15-Year Low
Inventory of homes for sale in New York State dropped to historically low rates in the beginning of 2022 while home prices continue to rise, according to the New York State Association of REALTORS. January’s 30.3% year-over-year decline brought housing inventory to its lowest level since 2007.
Median sales prices once again rose, escalating 13.3% Y-O-Y to $396,500 in January 2022. This marks 21 consecutive months the median sales price has escalated in Y-O-Y comparisons.
New home listings dropped to 10,880 units in January 2022 from 12,414 homes available in January 2021. This represents a 12.4% decrease. Closed sales declined as well, falling 5.4% from 11,565 homes in January 2021 to just 10,935 homes last month.
Mortgage interest rates, which ended 2021 under 3%, escalated as 2022 began. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.1% in December 2021 to 3.455 in January.
- ◦Economy
