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CNY closed home sales dip nearly 9 percent in June, pending sales fall more than 33 percent

By Journal Staff (news@cnybj.com)

Date:

SYRACUSE, N.Y. — Realtors in a six-county region of Central New York closed on the sale of 783 homes in June, down 8.5 percent from the 856 homes they sold in the year-prior month.

That’s according to the latest housing-market report released by the Greater Syracuse Association of Realtors (GSAR) on July 20.

However, pending home sales (houses under contract) in Central New York declined 33.4 percent in June to 728 from 1,093 in June 2021, indicating that further drops in closed homes sales could result in the next couple of months, per the GSAR data.

The Central New York monthly median sales price rose 10.8 percent to $195,000 from $176,000 in the year-ago month as prices continue to increase.

Realtors in Central New York “are starting to see our housing market move at a slower pace after nearly two years of off-the-charts activity,” said Mark Re, president of the Central New York Information Service, Inc. (CNYIS), a multiple listing service operated by a group of Central New York broker/owners. “Buyers are being much more measured in their approach to finding their next home as they navigate rising mortgage rates and changing economic conditions. As a result, closed sales have retreated from year-ago totals, which may, in turn, lead to a moderation in price growth during the second half of the year.”

Year-to-date through June 30, realtors in the region sold 3,962 existing homes, down 5.6 percent from 4,195 homes in the same month in 2021. The year-to-date (Jan. 1 to June 30) median sales price of $180,000 is 9.1 percent higher than $165,000 a year earlier. Pending home sales for the first six months of this year totaled 4,272, off 16 percent from 5,088 homes in the same period last year.

All data is compiled from the CNYIS and includes single-family residential activity in Cayuga, Madison, Oneida, Onondaga, Oswego, and Seneca counties.

GSAR is the trade association representing more than 2,000 realtors in Central New York.