ALBANY — Realtors in New York state sold 10,046 previously owned homes this July, down 2.3 percent from the 10,286 homes they sold in July 2024. At the same time, pending sales dipped slightly in July, foreshadowing a possible decline in closed home sales in the next couple of months. That’s according to the New […]
ALBANY — Realtors in New York state sold 10,046 previously owned homes this July, down 2.3 percent from the 10,286 homes they sold in July 2024.
At the same time, pending sales dipped slightly in July, foreshadowing a possible decline in closed home sales in the next couple of months. That’s according to the New York State Association of Realtors (NYSAR) July housing report issued on Aug. 21.
The housing-sales results in the latest month came amid a backdrop of interest rates that have started to drop. NYSAR cites Freddie Mac as indicating rates on a 30-year fixed-rate mortgage dipped from 6.82 percent in June to a monthly average of 6.72 percent in July. That’s also down a bit compared to July 2024, when interest rates averaged 6.84 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Statewide housing inventory reached 31,065 units in July, a 5.1 percent increase from July 2024’s total of 29,562 available homes. This marks five straight months of increasing inventory statewide, NYSAR noted. But it comes after several years of compressed inventory.
New listings of existing homes for sale in New York jumped 6 percent to 14,511 this July from 13,684 in the year-ago month.
Pending sales totaled 10,553 in July, off 0.7 percent from the 10,629 pending sales in the same month in 2024, according to the NYSAR data.
Despite the increased housing inventory, prices continued to rise in the state. Median home-sales prices hit a record high of $451,000 in July, up 4.9 percent from the $430,000 price tag in July 2024. This marks the highest monthly median-sales price since statistics have been kept in New York state. The last time NYSAR reported a decrease in median home-sales prices in year-over-year comparisons was July 2023.
All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
