New York State’s housing inventory inched up by 1% year-over-year, from 23,828 homes available in March 2024 to 24,067 homes on the market last month, while new listings jumped 8.8% from 11,377 homes in March 2024 to 12,380 units last months.
But according to the New York State Association of Realtors, closed sales were relatively static in March despite the inventory and listings upticks – a 0.6% drop to 6,838 sales compared to 6,876 sales last year. Pending sales were also down – 8,726 homes in March, a 3.5% drop from 9,043 units one year earlier.
But there was nothing static about home prices – the median price of $425,000 was up by 11.8% from $380,000 in March 2024. This marks the 20th consecutive month of year-over-year price increases.
