Closed home sales in New York State fell by 29.6% year-over-year in April, according to new data from the New York State Association of Realtors (NYSAR).
April’s 6,944 completed transactions paled in comparison to the 9,857 closed sales in April 2022. Pending sales sank by 13.2% from 12,209 homes in April 2022 to 10,599 units last month, while new home listings dropped 23.4% from 17,021 homes one year ago to just 13,040 listings last month.
The median sales price of homes was down by 2.8% from April 2022’s $400,000 to $389,000 last month. Only 31,177 homes were available for sale in New York State last month, a 14.3% decline when 36,369 homes were available one year before – this is the lowest number of monthly homes available in New York State NYSAR began publishing data in January 2007.
Guess that’s the result of being woke and professing Marxist ideals.
Part of the problem is the real estate industry itself. By that I mean real estate agents are pricing homes too high, therefore creating a need to reduce pricing to fit the actual market. When there becomes a supply shortage of homes real estate agents become very aggressive and promise their clients higher prices in order to obtain the listing. Once they have the listing it’s just a matter of time before they suggest a price reduction to their client due to the change in the market. The answer to this dilemma for consumers is to obtain a full market analysis report from your agent. If they don’t provide one, go to the next agent. It may save you thousands of dollars in the long run.