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N.Y.’s closed home sales fell nearly 13 percent in September

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

ALBANY, N.Y. — New York realtors sold 12,057 previously owned homes in September, down 12.6 percent from the 13,797 homes sold in the year-ago month.

Pending sales in September fell more than 11 percent, likely foreshadowing further declines in closed home sales in the next couple months. That’s according to the New York State Association of Realtors (NYSAR)’s September housing-market report issued on Oct. 20. 

“Interest rates increased yet again in September, slowing home sales even further across the Empire State,” NYSAR said to open its housing report. 

Mortgage interest rates topped 6 percent for the first time since 2008, with rates more than double what they were at the beginning of the year, NYSAR said. The monthly average on a 30-year fixed-rate mortgage jumped from 5.22 percent in August to 6.11 percent in September, according to Freddie Mac (Federal Home Loan Mortgage Corporation).

New York sales data

Pending home sales totaled 11,269 in September, down 11.2 percent from 12,686 in the same month in 2021, according to the NYSAR data.

Home prices continued to rise on a year-over-year basis, but the pace slowed significantly from prior months. The September 2022 statewide median sales price was $379,000, up nearly 2.4 percent from 370,255 in September 2021.

The months’ supply of homes for sale at the end of September stood at 3.3 months, down more than 8 percent from 3.6 months a year ago, per NYSAR’s report. A 6 month to 6.5-month supply is considered to be a balanced market, the association said.

The number of homes for sale totaled 39,370 in September, down 14.4 percent from 45,987 in September 2021.

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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