Low inventory, high prices continue into June

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NYS Housing Market Data - June 2021

ALBANY, N.Y., July 22, 2021 (GLOBE NEWSWIRE) — Median sales prices continued to rise in the Empire State in June while the number of homes available remained at record lows, according to the housing report released today by the New York State Association of REALTORS®.

The median sales price in New York State jumped 28.3 percent from $300,000 in June of 2020 to $385,000 last month. Year-to-date, median sales prices are up 26.8 percent – from $285,000 in 2020 to $361,500 this year.

Inventory remained low with only 42,598 units available in June compared to 53,939 in June 2020 – a decrease of 21 percent. This marks 19 consecutive months of decreasing inventory in year-over-year comparisons. Months supply of inventory fell to 3 months – a decrease of 43.4 percent from 5.3 months of inventory last June.

Closed sales escalated 55.4 percent in June 2021 to 13,111 units from 8,436 sales last year. Pending sales rose 11.3 percent in year-over-year comparisons. In June 2020, there were just 14,814 pending sales in New York compared to 16,481 this June.

Mortgage interest rates continue to be favorable for potential homebuyers. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in June increased slightly to 2.98 percent from 2.96 percent in May 2021.

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

Published by Yahoo Finance

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