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Closed home sales across New York State in September totaled 9,564 transactions, a 22.5% decline from the 12,335 sales in September 2022.

According to data from the New York State Association of Realtors, pending sales were also down – 9,232 units last month, an 8.1% decline from the 10,049 total recorded one year earlier.

Inventory of homes for sale dropped 24% across the state, from 38,082 homes in September 2022 to just 28,943 units available last month. This marked the 47th consecutive month in year-over-year comparisons of shrinking inventory. New listings declined from 14,017 in September 2022 to 12,592 last month, a 10.2% plummet.

The only aspect of the state’s housing market that was not in decline last month was the median sales price of homes – a 6.8% jump from $365,000 in 2022 to $390,000 in 2023.