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New York, CNY home sales continue slide in May amid pandemic

By Eric Reinhardt

Date:

ALBANY — New York realtors sold nearly 7,600 previously-owned homes in May, down about 34 percent from the almost 11,500 homes sold in May 2019 as the coronavirus pandemic continued to stifle the process of buying and selling homes.

That’s according to the New York State Association of Realtors (NYSAR)’s May housing-market report issued June 22. The association said the inability to do in-person showings and other COVID-19-related restrictions dampened sales.

Sales data

Adhering to New York State guidance, realtors were only able to show houses virtually during May, resulting in a 44.5 percent decrease in new listings from 23,668 homes a year prior to 13,139 units this May. Pending sales declined 47.3 percent from 14,224 homes in May 2019 to 7,500 this May.

The number of homes for sale totaled 54,725 this May, a decrease of about 22 percent compared to a year ago.

The May 2020 statewide median sales price was $270,000, unchanged from the May 2019 median sales price, according to the NYSAR data.

The months’ supply of homes for sale at the end of May stood at 5.4 months, down nearly 12 percent from 6.1 months a year prior, per NYSAR’s report. A 6-month to 6.5-month supply is considered to be a balanced market. 

Central New York data

Realtors in Onondaga County sold 308 previously owned homes in May, down 28 percent from 428 in the same month in 2019. The median sales price rose 3 percent to $160,000, up from $155,000 a year ago, according to the NYSAR report.

NYSAR also reports that realtors sold 124 homes in Oneida County in May, down about 29 percent from 175 in May 2019. The median sales price increased 10 percent to nearly $140,000 from more than $127,000 a year prior.

Realtors in Broome County sold 107 existing homes in May, down about 37 percent from 170 a year ago, according to the NYSAR report. The median sales price rose about 20 percent to $123,000 from over $102,000 a year ago.

In Jefferson County, realtors closed on 78 homes in May, down about 27 percent from 107 a year earlier, and the median sales price of more than $143,000 was up about 3 percent from $139,000 a year before, according to the NYSAR data.

All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums, in addition to existing single-family homes, according to NYSAR.