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New York Housing Market Remains Strong Entering the Holiday Season
Albany, NY – December 22, 2021 – As the holidays draw near, pending sales rose in November while sales prices have escalated now for 19 consecutive months across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Pending sales climbed 11.6 percent from 11,462 units this time last year to 12,614 homes in November 2021. Closed sales dropped to 12,614 sales last month – a 8.3 percent decrease from the 13,758 sales recorded in November 2020. For the year, closed sales are still up 21.1 percent in year-to-date comparisons. New listings were down 7.7 percent from 12,798 homes last November to just 11,811 units in November 2021.
The median sales price jumped to $370,000 last month. This represents a 12.1 percent increase over the median price of $330,000 in November 2020.
Inventory of homes for sale plummeted to just 36,822 homes in November 2021. This marks a 26.9 percent drop over the 50,355 homes on the market in November 2020. Months supply of inventory fell to 2.8 months in November 2021 – a 34.9 percent drop from the 4.3 months of supply in November 2020. A 6-month to 6.5-month supply is considered to be a balanced market.
Mortgage interest rates continued to be competitive in November. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in November remained at 3.07 percent.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.