The Association of Realtors announced that despite home prices climbing for the 17th month in a row in New York, for the first time sales have declined.
Demand is greater than supply, and those selling their homes are getting great returns.
In Sept. of 2020 the average sale price for a home was $319,000. In Sept. of 2021 it’s $378,000.
New York City has seen a large increase, but some areas have higher increases than others.
Amid the pandemic, many City residents wanted to get out of the city and in more rural areas. Sullivan County, north of NYC, saw their median price go up 29%.
Monroe County is up 13%, Westchester County is up 8%, and Broome County is up 18%.
Closed and pending sales both dropped for September as well as new listings.
As inventory becomes less and less and mortgage rates grow, the sale of homes will likely continue to fall.