ALBANY — New York realtors closed on the sale of 7,846 previously owned homes in May, down 10.9 percent from the 8,807 homes they sold in May 2024. At the same time, pending sales fell slightly in May, perhaps foreshadowing further declines in closed home sales in the next couple months. That is according to […]
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ALBANY — New York realtors closed on the sale of 7,846 previously owned homes in May, down 10.9 percent from the 8,807 homes they sold in May 2024.
At the same time, pending sales fell slightly in May, perhaps foreshadowing further declines in closed home sales in the next couple months. That is according to the New York State Association of Realtors (NYSAR) May housing report issued on June 23.
“Home sales dropped across New York State in May as mortgage rates continued to remain above seven percent,” NYSAR said to open its housing report. NYSAR cites Freddie Mac as indicating mortgage rates hit as high as 7.22 percent in May and settled at an average monthly rate on a 30-year fixed-rate mortgage of 7.06 percent. A year ago, at this time, the interest rate stood at 6.43 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.