Robust buyer demand continues across New York State in May
ALBANY, N.Y., June 22, 2021 (GLOBE NEWSWIRE) -- The housing market in the Empire State continues to surge, with pending sales nearly doubling from a year ago, according to the housing report released today by the New York State Association of REALTORS®.
Pending and closed sales continue to rise in year-over-year comparisons. Amid the early stages of the pandemic in May 2020, there were just 8,245 pending sales in New York compared to 15,775 in May 2021 – an increase of 91.3 percent. Closed sales jumped up 43.2 percent in May 2021 to 10,694 units from 7,467 sales last year.
Inventory remains low with only 40,776 units available in May compared to 50,038 in May 2020 – a decrease of 18.5 percent. This marks 18 consecutive months that the number of homes available has decreased in year-over-year comparisons.
The median price of homes continues to climb, escalating to $357,000 in May 2021. This represents a 29.3% increase from the $276,000 price in May 2020.
Mortgage interest rates continue to aid potential homebuyers. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in May decreased to 2.96 percent from 3.06 percent in April 2021.
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 60,000 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®.
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