Prices rise, sales decline across New York State in August

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ALBANY, N.Y., Sept. 21, 2022 (GLOBE NEWSWIRE) — Home costs across the Empire State rose as soon as once more in August whereas dwelling sales continued to decline, in response to the housing report launched immediately by the New York State Association of REALTORS®.

Closed sales fell 10.9 p.c in August from 15,367 houses in 2021 to solely 13,740 items final month. Pending sales of houses dipped from 14,464 houses in August 2021 to 13,740 houses in 2022. This represents a 5 p.c decline. New listings of houses have been additionally down in year-over-year comparisons, falling 15.2 p.c – from 18,099 listings in August 2021 to fifteen,344 only a month in the past.

The median sales value of houses across New York state escalated 3.8 p.c in August, from $390,000 in 2021 to $405,000 in 2022. This marks 28 consecutive months in year-over-year comparisons that median sales costs have elevated.

Inventory of houses on the market fell 15.5 p.c in New York State – from 46,367 houses in August 2021 to only 39,179 in August 2022. Months’ provide of stock fell 8.6 p.c from 3.5 months of stock in August 2021 to only 3.2 months’ provide final month. A 6-month to six.5-month provide is taken into account to be a balanced market.

Good information for homebuyers as mortgage rates of interest dropped barely final month. According to Freddie Mac, the month-to-month common on a 30-year fixed-rate mortgage fell from 5.41 p.c in July 2022, to five.22 in August 2022. This remains to be over two proportion factors increased than the speed of two.84 p.c in August 2021.

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Additional information is obtainable at http://www.nysar.com/industry-resources/market-data.

Editor’s Note: All information is compiled from a number of itemizing companies in the state of New York and the info embody townhomes, condominiums and current single-family houses.

The New York State Association of REALTORS® is a not-for-profit commerce group representing greater than 60,000 of New York State’s actual property professionals. The time period REALTOR® is a registered trademark, which identifies actual property professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are additionally members of the New York State Association of REALTORS® in addition to their native board or affiliation of REALTORS®.

Contact:
Scott Morlock
Director of Communications
518-463-0300 x208 workplace
smorlock@nysar.com

A photograph accompanying this announcement is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/783d0aa4-ff62-45eb-98fa-fc2d4f3ca252



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