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New York home sales slide in March amid tight inventory

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

CNY sales mixed    

Visual Credit: NYSAR

New York realtors sold 10,350 previously owned homes in March, down 9.3 percent from the 11,412 homes they sold in the year-ago month as housing supply remained constrained.

However, pending sales, which represent homes under contract, increased more than 3 percent in March, pointing to a possible rebound in closed sales in the next month or two.

That’s according to the New York State Association of Realtors (NYSAR)’s March housing-market report issued April 20. 

“Median sales prices rose once again in the Empire State in March while the number of homes available for sale has reached critically low levels,” NYSAR said to open its report.

New York sales data

The March 2022 statewide median sales price in New York was $410,000, up more than 13 percent from the March 2021 median sales price of just over $362,000.

The months’ supply of homes for sale at the end of March stood at 2.4 months, down 25 percent from 3.2 months a year ago, per NYSAR’s data. A 6-month to 6.5-month supply is considered to be a balanced market, the association says.

The number of homes for sale in New York totaled 30,724 in March, down almost 23 percent from 39,707 in March 2021. 

Pending home sales totaled 13,919 in March, up 3.1 percent from 13,507 in the same month in 2021, according to the NYSAR numbers.

Central New York data

Realtors in Onondaga County sold 274 previously owned homes in March, down 13.8 percent from the 318 homes they sold in the same month in 2021. The median sales price rose 12.3 percent to $185,250, up from $165,000 a year ago, per the NYSAR report.

Realtors sold 127 homes in Oneida County in March, off 18.1 percent from 155 in March 2021. The median sales price increased 19 percent to $175,000 from $147,000 a year prior.

NYSAR also reported 108 existing homes were sold in Broome County in March, down 22.3 percent from 139 a year ago. The median sales price rose 17.5 percent to more than $142,000 from over $121,000 a year earlier.

In Jefferson County, realtors closed on 117 homes in March, up 4.5 percent from 112 a year before, and the median sales price of nearly $160,000 was down over 6 percent from $170,000 in March 2021, per the NYSAR report.

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.

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