New York Home Sales Rise Despite Mortgage Rates Hitting 7% in April
22 Mayo 2024 - 11:00AM
Home sales and new listings showed new life, rising across the
Empire State in April, despite mortgage rates exceeding seven
percent for the first time this year, according to the housing
report released today by the New York State Association of
REALTORS®.
Closed sales edged up 1.5 percent, from 7,046 sales in
April 2023 to 7,155 homes in 2024. This is only the
second time in the last 32 months, closed sales have
risen in year-over-year comparisons. Pending sales also rose from
9,357 sales in April 2023 to 9,946 units just last
month. This represents a 6.3 percent increase. New
listings of homes jumped 10 percent in April from 12,481
homes in 2023 to 13,725 in 2024.
Despite this, inventory of homes overall continues to be down
across the state in year-over-year comparisons, dropping 9.4
percent, from 28,179 units in April 2023 to 25,524 homes last
month.
Mortgage rates exceeded 7 percent in April for the first time in
2024. According to Freddie Mac, interest rates peaked at 7.17
percent in April, settling on an average monthly rate on a 30-year
fixed-rate mortgage of 6.99 percent. A year ago, at this time, the
interest rate stood at 6.34 percent.
Median sales prices rose once again in April,
escalating 9.5 percent from $378,000 in April 2023 to $413,750 in
2024.
Additional data is available at
http://www.nysar.com/industry-resources/market-data.
Editor’s Note: All data is compiled from multiple listing
services in the state of New York and the data include townhomes,
condominiums, and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit
trade organization representing more than 63,000 of New York
State’s real estate professionals. The term REALTOR® is a
registered trademark, which identifies real estate professionals
who subscribe to a strict code of ethics as members of the National
Association of REALTORS®. These REALTORS® are also members of the
New York State Association of REALTORS® as well as their local
board or association of REALTORS®.
Contact:
Scott MorlockDirector of Communications
518-463-0300 x208 officesmorlock@nysar.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/85f1e575-17db-44c6-b9ca-a0007f76d3af