Overview of the Housing Market in New York State
Recent reports indicate that the housing market in New York State has experienced positive trends. Home sales and new listings saw an uptick in July, coupled with a significant decline in mortgage interest rates.
Sales Trends in July
In July, closed home sales surged by 3.5 percent, rising from 9,584 units in 2023 to 9,923 homes last month. This increase highlights a growing demand in the state's real estate market. Additionally, pending sales also showed an upward trajectory, increasing from 9,849 homes in July 2023 to 10,618 homes in 2024, which translates to a notable 7.8 percent rise.
New Listings of Homes
The number of new home listings in July recorded a slight increase of 0.5 percent, moving from 13,260 listings in 2023 to 13,322 in 2024. This modest growth may suggest an effort to meet the rising demand in the market.
Impact of Mortgage Rates
Mortgage rates have seen a decrease throughout the summer months, dipping below seven percent in July. According to Freddie Mac's data, the average interest rate for a 30-year fixed-rate mortgage was 6.84 percent, marking a drop of eight-tenths of a percent. This reduction is likely to encourage more buyers to enter the market, boosting overall sales.
Home Inventory Insights
Available inventory of homes continues to decrease, presenting challenges for prospective buyers. In July 2023, there were 29,642 homes on the market, but this number fell to just 28,045 units by July 2024. This 5.4 percent year-over-year decline in inventory suggests a tighter market, with fewer options available for home seekers.
Price Trends in the Housing Market
The median sales price of homes in New York State has risen by 8.7 percent in July, climbing from a median of $400,000 to $435,000. This price increase reflects the heightened demand for housing and the competitive nature of the current market.
Understanding the Real Estate Professionals
The New York State Association of REALTORS represents over 63,000 real estate professionals across the state. This not-for-profit trade organization upholds a strict code of ethics, reflecting the commitment and professionalism of its members. These REALTORS are integral to facilitating transactions and providing essential insights into market dynamics.
Contact Information
For further inquiries, please reach out to:
Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com
Frequently Asked Questions
What recent trends were observed in New York's housing market?
The housing market saw an increase in home sales and new listings along with declining mortgage rates.
How much did closed home sales increase in July?
Closed home sales increased by 3.5 percent, from 9,584 in July 2023 to 9,923 in July 2024.
What was the average mortgage interest rate in July?
The average mortgage interest rate for a 30-year fixed mortgage was 6.84 percent in July.
How did the inventory of homes change over the year?
Inventory decreased from 29,642 homes in July 2023 to 28,045 homes in July 2024, indicating a 5.4 percent decline.
What was the median sales price change in July?
The median sales price increased by 8.7 percent, rising from $400,000 to $435,000 in July.
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