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Finger Lakes home sales decline as prices rise, report shows

  • / Updated:
  • Staff Report 

The latest report from the New York State Association of REALTORS indicates a continued decline in home sales across New York, even as house prices rise.

Statewide, the number of new listings fell by 1.5%, sales decreased by 13.7%, and the time homes spend on the market dropped by 3.9%. Despite these declining trends in sales and listings, the median sales price for homes in New York has risen by 2.6%, reaching $370,000. This price increase comes amid a 20.7% decrease in the overall number of homes for sale.

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Contrasting trends were observed in Wayne County, where, unlike other regions, the number of new listings and homes for sale saw significant increases of 18.9% and 19.1%, respectively. However, closed sales still declined, and the median sales price in Wayne County increased to $232,988.

On the other hand, Ontario County experienced a more severe drop in new listings at 24.7%, a 6.4% decrease in closed sales, and a 4.6% reduction in homes for sale, though it saw a slight decrease in median sales prices by 1.4% to $242,500. These varying regional trends highlight the complex dynamics of New York’s housing market amid a challenging economic environment.