Sales prices drop but inventory shortage remains across New York

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May 2023 NYS Housing Market

May 2023 NYS Housing Market
May 2023 NYS Housing Market

ALBANY, N.Y., June 22, 2023 (GLOBE NEWSWIRE) — Home prices inched lower across New York State in May while inventory continues to decline in year-over-year comparisons, according to the housing report released today by the New York State Association of REALTORS®.

Inventory of homes in the Empire State fell 16.4 percent in May from 38,939 units available in May 2022 to just 32,535 homes on the market last month. This marks 43 consecutive months that the number of homes available has fallen in year-over-year comparisons.

Closed sales fell from 11,075 homes last May to only 8,819 sales in May 2023, marking a 20.4 percent decline. Pending sales dipped 4.1 percent from 13,017 homes in May 2022 to 12,483 units last month. New listings of homes fell 18.4 percent in year-over-year comparisons, from 19,040 homes last May to just 15,540 listings in May 2023.

Good news for home buyers as the median sales price of homes fell slightly from $410,000 in May 2023 to $400,000 last month, representing a 2.4 percent decrease.

Interest rates rose slightly in May, starting May at 6.39 percent on a 30-year fixed-rate mortgage, but ended the month at 6.57 percent. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in May settled in at 6.43 percent – slightly up from the 6.34 percent average in April.

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 60,000 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
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f73b392a-6d82-46ec-aa8b-eba154e54fa2

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