ALBANY – The New York State Association of Realtors’ latest housing report states the prolonged lack of homes on the market across the Empire State, combined with high prices and escalating mortgage rates continues to slow the housing market.
Inventory decreased 14.3 percent across the state last month, falling from 45,441 homes available in 2021 to just 38,965 units available last month. Months’ supply of inventory fell from 3.3 months to 3.1 months marking a 6.1 percent drop. A 6-month to 6.5-month supply is considered to be a balanced market.
The average median sales price in June in the Empire State jumped to $428,825. This marks a 13.1 percent increase from the $379,000 price in June of 2021. In year-over-year comparisons, median sales prices have now increased for 26 consecutive months.
According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose once again, rising from 5.23 percent in May 2022 to 5.52 percent in June 2022. This is the highest monthly average commitment rate since November 2008, when it stood at 6.09 percent.
Closed sales fell 8.6 percent – from 13,693 homes in June 2021 to 12,520 sales last month. Pending sales dropped to 14,326 homes in June 2022 from 15,321 in June 2021. This marks a 6.5 percent decline. New listings also fell to just 20,138 homes, representing a 6.4 percent decrease from the 21,516 listings in June of 2021.