New York experienced the 41st consecutive month of year-over-year housing inventory declines in March, resulting in few sales and lower prices, according to new data from the New York State Association of Realtors (NYSAR).
The Empire State’s for-sale home inventory dropped 12.4% to 30,298 last month, compared to 34,605 one year ago available homes last March. The state has not recorded a year-over-year increase in housing inventory since October 2019.
Closed sales were down by 28.4% across the state, from 10,664 sales in March 2022 to 7,633 units last month. Pending sales fell 11.2% from 12,519 homes to 11,118 over the same period, while new listings were at 13,228 units last month, down 22.9% from the 17,166 listings in March 2022.
Median sales prices of homes dipped slightly from $401,500 in March 2022 to $377,000 last month, a 6.1% drop. NYSAR added that its data included townhomes, condominiums and existing single-family homes.
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