Homebuyers looking for property in the Empire State found themselves facing a historic residential drought last month, according to data from the New York State Association of Realtors (NYSAR).
The state’s inventory of homes for sale plummeted to an all-time low of 27,779 units in November, a 20.7% drop from in the 35,029 homes available in November 2022. Closed sales were down by 13.7% in November to 8,819 – one year ago, the state recorded 10,221 sales. This marked the 27th consecutive month in year-over-year comparisons closed sales have fallen.
Still, there was a little good news with pending sales, which rose 1.4% to 7,970 homes – up from the 7,859 homes last November. New listings dipped by 1.5% from 9,359 listings in November 2022 to 9,220 listings last month.
NYSAR also noted the state’s median sales prices were up for the fourth consecutive month in year-over-year comparisons, rising 2.6% from $360,468 in November 2022 to $370,000 last month.
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