One month after New York State recorded a rare uptick in home sales, the market returned to its long-running decline in transactions.
According to data from the New York State Association of Realtors, closed sales during May were down by 4.1%, from 8,826 homes in May 2023 to 8,465 homes last month. Pending sales were down from 10,981 units one year ago to 8,465 homes last month, a 4% drop.
However, new listings were up 2.1%, from 14,957 listings one year ago to 15,265 homes in May. But the overall inventory was down from 29,236 available homes in May 2023 to 26,076 last month, a 10.8% decline.
As for housing costs, the state’s median sales prices soared by 8.3% from $390,000 in May 2023 to $422,500 last month.
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