ALBANY, N.Y. — New York realtors sold 9,381 previously owned homes in July, down 24.9 percent from the 12,487 existing homes sold in July 2022.

Pending sales also fell almost 11 percent, foreshadowing further declines in closed home sales in the next couple months.

The data comes from the July monthly housing report that the New York State Association of Realtors (NYSAR) issued on Aug. 22.

“Mortgage rates continued to climb in August, nearing seven percent, while the inventory of homes across New York State continued to drop to near record lows,” NYSAR said to open its housing report.

The monthly average on a 30-year fixed-rate mortgage rose from 6.71 percent in June to an average of 6.84 percent in July, according to Freddie Mac data. A year ago, at this time, the average monthly rate was 5.41 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.

New listings in New York state fell 18.6 percent to 13,320 in July from 16,366 a year prior. Pending sales totaled 10,326 in July, a decrease of 10.8 percent from the 11,572 pending sales in the same month in 2022, according to the NYSAR data.

The July 2023 statewide median sales price was $400,000, down 2 percent from the July 2022 median sales price of $408,000.

The months’ supply of homes for sale at the end of July stood at 3 months, down nearly 12 percent from the 3.4 months’ supply at the end of July 2022, per NYSAR’s data. A 6 month to 6.5-month supply is considered a balanced market, the association said.

The inventory of homes for sale totaled 27,911 in July, down more than 28 percent from the July 2022 figure of 38,969. It marks 45 straight months that the number of homes available has fallen in year-over-year comparisons, NYSAR said.

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.