New York State’s housing market came to the end of 2023 with the lowest-ever recorded inventory of homes.
The New York State Association of Realtors (NYSAR) reported an all-time low of 24,469 units in December, a 17.8% decline in the 29,768 homes available in December 2022. For the month of December, the 5,791 new listings of homes were up 0.4% in year-over-year from the 5,769 units in December 2022. Pending sales also inched up with a 0.7% rise from 6,483 units in 2022 to 6,528 homes in December 2023.
Also rising were prices – NYSAR noted that by the end of December, the $380,000 median sales price was 10.1% higher than the $345,000 price in December 2022. This marked the fifth consecutive month of rising median sales prices. This occurred while closed sales fell 12.6% from 9,855 transaction December 2022 to 8,611 by the end of last month.
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