Rising prices, continued high interest rates slow New York State housing market in June
23 Julio 2024 - 11:00AM
Home prices rose for the 11th consecutive month and interest rates
remained near seven percent, hampering homebuyers across the Empire
State, according to the housing report released today by the New
York State Association of REALTORS®.
The median sales price of homes jumped 8.5 percent from $413,000
in June 2023 to $448,000 last month. This marks the highest median
sales price on record.
Mortgage rates continued to hover near seven percent in June.
According to Freddie Mac, interest rates on a 30-year fixed-rate
mortgage averaged 6.92 percent. By comparison, in June 2023, the
average interest rate was 6.71 percent.
Closed sales tumbled 17.4 percent in June, from 10,446 homes
sold in June 2023 to just 8,630 units last month. Pending sales
also dropped, falling from 10,979 units in 2023 to 10,346 homes in
June 2024. This represents a 5.8 percent decline. New listings
dropped 5.0 percent – from 14,493 listings in June 2023 to 13,769
just last month.
Inventory of homes across New York continues to slide. There
were 28,896 homes available across New York in June 2023 compared
to just 27,603 on the market last month. This represents a 4.5
percent decline in year-over-year figures.
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
Communications518-463-0300 x208 officesmorlock@nysar.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5187c17-241b-4324-92a0-a9498f541ea6