Home prices were up for the 11th consecutive month in the latest data report from the New York State Association of Realtors (NYSAR).
Across the Empire State, the median sales price of homes in June was $448,000, up by 8.5% from the $413,000 price in June 2023. This marks the highest median home sales price in the state’s history, which the NYSAR attributed to elevated mortgage rates during the month.
As prices spiked, closed sales tumbled to 8,630 homes, down 17.4% from the 10,446 homes sold in June 2023. Pending sales were also in decline, falling by 5.8% from 10,979 units in June 2023 to 10,346 homes last month.
New listings dropped 5% – from 14,493 listings in June 2023 to 13,769 just last month. The fueled a decline in available inventory to 27,603 homes on the market, a 4.5% downward distance from 28,896 units one year before.
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