New York State set a new housing record in February with inventory reaching a record-breaking nadir while home prices climbed for the 19th consecutive month.
According to data from New York State Association of Realtors, the statewide housing inventory plummeted to 22,518 units last month, down 5.3% from the 23,777 homes available in February 2024. This marks the lowest number of homes for sale since the organization began tracking data in 1997.
Meanwhile, home prices soared by 15.4% year-over-year, from a median of $378,000 in February 2024 to $436,125 last month. The last time median sales prices declined in year-over-year comparisons was July 2023.
Closed sales were down 7.3%, from 6,380 homes in February 2024 to 5,915 units last month. Pending sales tumbled by 6.6%, from 7,397 in February 2024 to 6,909 last month.
Also in decline were new listings – an 11.8% fall with 8,609 homes hitting the market last month, compared to 9,756 listings posted one year before.
