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New York home sales slide in October; CNY sales mixed

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

ALBANY, N.Y. — New York realtors closed on the sale of 13,867 previously-owned homes in October, down an even 10 percent from the 15,401 homes they sold in October 2020. 

That’s according to the New York State Association of Realtors (NYSAR) October housing-market report issued Nov. 22.

It’s the second straight month that closed sales have declined after a 13-month streak of sales gains. Pending sales in October also fell — by more than 6 percent — indicating that closed sales may also decline in forthcoming months.

“Closed sales have continued to drop across the Empire State while home prices have risen for 18 consecutive months,” NYSAR said to open its October housing report.

 New York sales data

Pending sales totaled 14,108 in October, a decrease of 6.4 percent from 15,069 in the same month in 2020, according to the NYSAR data.

Housing inventory continues to be tight. The number of homes for sale totaled 41,093 in October, a decline of 23.1 percent from 53,468 homes available last October.

The months’ supply of homes for sale at the end of this October stood at 3.1 months, down 34 percent from 4.7 months of supply a year ago, per NYSAR’s report. A 6 month to 6.5 month supply is considered to be a balanced market. 

Amid the constrained supply of available homes for sale, housing prices continued to shoot up. The October 2021 statewide median sales price rose 10.1 percent to $370,000 from $336,000 a year earlier.

Central New York data

Realtors in Onondaga County sold 524 previously owned homes in October, down 8.7 percent from the 574 homes sold in the same month in 2020. The median sales price rose 7.6 percent to $185,000 from $172,000 a year ago, according to the NYSAR report.

NYSAR also said that realtors sold 197 homes in Oneida County in October, down 7.5 percent compared to the 213 they sold during October 2020. The median sales price increased 15.6 percent to $185,000 from $160,000 a year before.

Realtors in Broome County sold 185 existing homes in October, down 8 percent from 201 a year ago, according to the NYSAR report. The median sales price rose 8.6 percent to $156,000 from more than $143,600 a year prior.

In Jefferson County, realtors closed on 170 homes in October, up 6.3 percent from 160 a year before, and the median sales price of $185,000 was down 9.1 percent from more than $203,400 a year ago, 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.