New York State’s housing inventory dropped to a historic low while home sales and prices increased.
According to date from the New York State Association of Realtors, housing inventory fell 2.6% year-over-year in December to 23,198, the lowest number of homes for sale since the organization began tracking statistics in 1997. However, new listings rose by 3.9% from 5,742 listings in December 2023 to 5,968 listings one year later.
But despite a low inventory, sales across the Empire State increased 3.7% year-over-year from 8,814 homes in December 2023 to 9,138 units last month. Pending sales rose from 6,207 homes in December 2023 to 6,423 homes in December 2024, up 3.5%.
As for the cost of homes, the median sales prices were up last month by 10.5% to $420,000 from $380,000 one year before.
