The latest housing market data from the New York State Association of Realtors found statewide inventory rose by 5.5% to 30,684 units last month from 29,090 in August 2024. This marks the sixth consecutive month of growing supply across the Empire State. New listings were also on the rise, up 1.4% to 12,856 last month versus 12,682 recorded one year earlier.
Pending sales were in ascension as well, up 1.5% to 10,173 transactions compared to 10,023 one year prior. Alas, closed sales went in the other direction, decreasing from 11,036 homes sold in August 2024 to 10,517 sales last month, a 4.7% decline.
But despite fewer sales, median prices across New York State continue to climb, taking a 5.7% leap from a median price of $435,000 in August 2024 to $460,000 last month.
Photo: Dennis Tangney Jr. / Getty Images
I found it interesting that while inventory and listings are rising in New York, sales are falling. Yet, prices are still increasing, which seems disconnected and makes the market seem unpredictable.