Two words for buyers looking for homes in New York State: good luck!
According to data from the New York State Association of Realtors, the inventory of homes for sale across the state dropped to the lowest point since March – only 26,152 units were available last month, down 11.3% from 29,499 available properties in November 2023.
Not surprisingly, the lack of available properties resulted in a 4.6% year-over-year decline in closed sales – 8,660 units in November versus 9,079 sales one year earlier. However, pending sales rose 3.6% year-over-year comparisons, from 7,602 homes in November 2023 to 7,874 homes last month.
Median sales prices continue to jump as well, elevating 9.5% to $405,000 compared to $370,000 one year ago.
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