But housing inventory and new listings rose ALBANY — Realtors in New York state sold 6,838 previously owned homes this March, down 0.6 percent from the 6,876 homes they sold in March 2024, even as other key business indicators showed more change. Pending sales fell more than 3 percent in March, the New York State […]
But housing inventory and new listings rose
ALBANY — Realtors in New York state sold 6,838 previously owned homes this March, down 0.6 percent from the 6,876 homes they sold in March 2024, even as other key business indicators showed more change.
Pending sales fell more than 3 percent in March, the New York State Association of Realtors (NYSAR) said in its March housing report issued on April 24. That foreshadows further declines in closed home sales in the next couple of months.
However, there was some good news on the housing supply front, the association noted.
“Housing inventory rose slightly across New York for the first time in more than a year, while new listings grew nearly 10 percent in March, fueling optimism for a more active spring housing market,” NYSAR said to open its housing report.
NYSAR cites Freddie Mac as indicating mortgage rates remained relatively unchanged week-to-week in March, with the average 30-year fixed rate mortgage settling in at 6.65 percent. By comparison, rates stood at 6.82 percent a year ago. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
New York sales data
Pending sales of homes in New York state totaled 8,726 in March, down 3.5 percent from the 9,043 pending sales in the same month in 2024, according to the NYSAR data.
The total inventory of homes for sale rose 1 percent to 24,067 this March from 23,828 in March 2024. Housing inventory in the state in February had fallen to just 22,518 homes for sale, the lowest number since NYSAR began tracking data in 1997, the association noted.
New listings of homes for sales in New York state jumped 8.8 percent to 12,380 in March from 11,377 in the year-prior month.
The months’ supply of homes for sale at the end of March stood at 2.7 months’ supply, unchanged compared a year earlier, per NYSAR’s report. A 6 month to 6.5-month supply is considered a balanced market, the association stipulates.
Home prices continued to rise at a robust pace. The March 2025 statewide median sales price was $425,000, up nearly 12 percent from the March 2024 median sales price of $380,000. This marks 20 straight months of year-over-year price increases in the state, NYSAR noted.
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.
