New York home prices increase in October as mortgage rates rise
ALBANY—The median home price in New York rose sharply in October, even as mortgage rates inched higher, according to a housing report released Thursday by the New York State Association of Realtors.
The report indicates that the median price of a home climbed 11.0 percent year-over-year, increasing from $374,000 in October 2023 to $415,000 last month. This marks the 16th consecutive month of annual growth in median sales prices, reflecting ongoing demand in the state’s housing market.
Mortgage rates also experienced an uptick in October. Data from Freddie Mac shows that the average interest rate on a 30-year fixed-rate mortgage rose to 6.43 percent, up from 6.18 percent in September 2024. However, rates remain lower than the 7.62 percent average recorded in October 2023.
Despite rising prices, the number of closed sales decreased slightly, falling 3.8 percent year-over-year. A total of 9,609 homes were sold in October, compared to 9,989 during the same month in 2023. Pending sales, however, showed an 8.3 percent increase, rising from 9,270 in October 2023 to 10,044 last month.
The state also saw a modest 1.5 percent rise in new listings, with 12,637 homes coming on the market in October 2024 compared to 12,446 in October 2023.
Inventory tightened further, with the number of homes for sale dropping 6.9 percent year-over-year. There were 28,691 homes available last month, compared to 30,830 in October 2023.
Albany County’s housing market had shown signs of resilience in September, with closed sales increasing while median home prices continued to climb, according to a report from the Greater Capital Association of Realtors.
The report indicated a 1.9% year-over-year rise in closed sales, with 216 homes sold in September, compared to 212 during the same month last year. New listings dipped slightly by 1.2%, from 259 in September 2023 to 256 in September 2024, reflecting a modest contraction in inventory.
The median sales price saw a notable increase, rising 8.2% year-over-year to $339,500, compared to $313,750 in September 2023. This growth aligns with a broader trend in Albany County, where median sales prices have been rising consistently.
Homes spent more time on the market last month, with an average of 22 days until sale, up from 15 days in September 2023—a 49.8% increase.
