Closed home sales across New York took an 18.8% year-over-year tumble last month, according to data from the New York State Association of Realtors (NYSAR). The 13,922 in sales during August 2022 far outpaced the 11,310 recorded last month.
New listings were also down last month, falling 10.3% from 14,863 in August 2022 to 13,331 homes one year later. The overall inventory of homes for sale across the Empire State fell for the 46th consecutive month in year-over-year comparisons – there were 27,686 homes available last month, down 26.9% from 37,865 units one year earlier.
The only thing that was not in decline were home prices. The state’s median sales price of homes was $411,500 in August, up 4.8% from $392,620 one year earlier.
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