The Empire State’s housing market had another enervated month in May, according to data from the New York State Association of Realtors.
Closed sales fell from 11,075 homes in May 2022 to 8,819 sales last month, a 20.4% plummet. Pending sales were down 4.1% from 13,017 homes in May 2022 to 12,483 units last month.
New listings of homes fell 18.4% year-over-year, to 15,540 from 19,040 homes one year ago. The statewide inventory of homes fell 16.4% to 32,535 – one year earlier, the inventory was at 38,939. This marked the 43rd consecutive month that the number of homes available has fallen in year-over-year comparisons.
However, buyers enjoyed a slight amount of savings as the median sales price of homes fell to $400,000 – one year earlier, the price was $410,000.
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Could the decline in sales have anything to do with the decline in inventory? Duh…
#1 There is a decline in sellers.
They don’t want to upgrade because of higher interest rates .They don’t want to remortgage from there current 2 to 3 % up to a 6.5% They simply can’t afford it.
#2 There also is a shortage in buyers because of The bad economy.They have spent downpayments to to keep up with higher living exspenses TAXES, GAS, FOOD ,ENERGY,The High price of Purchase or Leasing of New or Used VEHICLE’S etc.
#3 To many new regulations & higher prices of everything. .
#4 Its all in your political choice & Vote .We must Vote thats the only voice we have !!!
The American Dream of Owning a Home drifts further away.
#5 Thats also why there is a shortage of nice appartments and higher rents.