Home prices in New York continued to rise while the state’s housing inventory declined again, according to data from the New York State Association of Realtors.
The median sales price of homes in New York rose from $410,000 in August 2023 to $444,713 last month. This marked the 13th consecutive month in year-over-year comparisons. At the same time, inventory shrank from 29,787 units in August 2023 to 27,851 homes last month. This represented a 6.5% decline in available homes and the 18th consecutive month of year-over-year inventory shrinkage.
Not surprisingly, home sales slowed across the Empire State – a 9.1% drop 11,638 homes in August 2023 to 10,581 sales last month. Pending sales also were on the decline, dipping to just 10,097 sales – a 2.9% year-over-year tumble, while new listings declined 5.8% from 13,297 listings in August 2023 to 12,522 listings last month.
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