The Empire State experienced another rocky month of real estate transactions, according to new data from the New York State Association of Realtors (NYSAR).
The year-over-year activity for closed sales across the state were down for the 26th consecutive month, dropping 13.9% from 11,298 homes in October 2022 to just 9,733 units last month. Pending sales inched up by 3.5% from 9,364 homes in one year ago to 9,693 homes last month. New listings were mostly flat, dropping 0.1% from 12,440 listings to 12,423 this year.
The inventory of homes for sale across New York dropped substantially, from 37,275 homes available one year ago to only 29,316 units last month – a 21.4% decline.
The only substantial year-over-year increase involved the state’s median sales price of homes: up 4.5% from $359,000 in 2022 to $375,000 in 2023.
