Housing inventory across New York State plummeted to a new record low in March, according to the housing report released today by the New York State Association of Realtors (NYSAR).
The total inventory of homes across the Empire State was down 14.7% year-over-year, from 28,060 units in March 2023 to a record-setting low of only 23,924 homes last month. March was the 13th consecutive month inventory has dropped in year-over-year comparisons and it represents the lowest number of homes for sale since statistics have been recorded for New York State.
Closed sales fell from 7,790 sales in March 2023 to 6,685 homes last month, a 14.2% decline. Pending sales were also lower, dipping 2% from 9,776 sales last year to 9,576 homes last month.
New listings were down 7.5% in year-over-year comparisons, from 12,749 listings one year ago to 11,790 last month.
The only aspect of the state’s housing market on the rise was prices – NYSAR reported that median sales prices rose from last year’s $360,000 to last month’s $380,000, a 5.6% upswing.
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