ALBANY — Inventory of homes for sale fell for the 37th consecutive month in year-over-year comparisons while mortgage rates continue to be more than double compared to this time last year, according to the housing report released today by the New York State Association of Realtors.
Inventory of homes for sale fell 12 percent from 40,321 units in November 2021 to just 36,490 homes available last month. Months’ supply of homes remained the same in year-over-year comparisons at 3.2 months. Months’ supply refers to the number of months it would take for the current inventory of homes to sell given the current sales pace. A 6-month to 6.5-month supply is considered to be a balanced market.
According to Freddie Mac, the average monthly interest rate on a 30-year fixed rate mortgage actually dipped from 6.90 percent in October 2022 to 6.81 percent in November. Despite this, interest rates are still more than double the 3.07 percent rate from November 2021.
Closed sales dropped to just 10,101 sales in November 2022 compared to 13,120 sales in November 2021 representing a 23 percent fall in year-over-year comparisons. Pending sales were down as well, falling 22.4 percent from 11,874 units last November to 9,214 homes in November 2022. New listings also declined to 9,694 – an 18.2 percent drop from the 11,846 listings available in November 2021.
The median sales price of homes inched higher once again in November, rising from $365,000 in November 2021 to $375,000 last month, marking a 2.7 percent increase.
