Home prices in New York State soared in October as home sales continued to decline.
According to data from the New York State Association of Realtors, the median price of a home statewide rose 11% last month to $415,000, up from $374,000 in October 2023. This marked the sixteenth consecutive month that median sales prices have risen in year-over-year comparisons.
While prices were up, closed sales were down 3.8% from 9,989 sales in October 2023 to 9,609 homes last month. However, pending sales rose to 10,044 in October from 9,270 homes one year earlier, an 8.3% upswing. Pending sales inched up by 1.5% from 12,446 listings in October 2023 to 12,637 units last month.
Homes for sale were down statewide, totaling 28,691 properties – a 6.9% drop from the 30,830 available homes one year earlier.
