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.
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.
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