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Housing sales are dropping across New York: Does it mean the market is cooling?

According to a new study by the New York State Association of REALTORS, housing sales in New York State have decreased statewide entering 2023. The report shows that closed sales of homes fell by 34.3% from 2022, the lowest number of sales since the beginning of the COVID-19 pandemic. Pending sales also dropped by 11.8%, while new listings decreased from over 10,000 to 9,743 listings, an 11.3% decrease.

This is also the second month where median sales prices of homes have dropped, with prices dropping by 2.6% in January 2023 as the inventory of homes fell by 7.2%.

Finger Lakes Partners (Billboard)

In Monroe County, the number of new listings and homes for sale has increased, with new listings up by 2.5% and homes for sale increasing by 31.1%. The median sales price in the county increased from $173K to $187K. Despite these increases, the number of closed sales on homes in Monroe County decreased from 545 in 2022 to 368 in 2023.

Wayne County saw a 21.7% decrease in new listings, with no changes for homes for sale, remaining at 61 homes for sale in the county. The amount of closed sales decreased to 47 sales, and the median sales price dropped to $175K.

The average monthly interest rate on a 30-year fixed mortgage has dropped to 6.27%, which may be good news for homebuyers across the state.



Categories: New York StateNews