ALBANY, New York,– Home sales prices continued to rise in New York State in May, while the inventory of homes for sale also inched upwards for the sixth consecutive month, according to the housing market report released today by the New York State Association of REALTORS®.
There also continues to be good financial news for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate dropped for the sixth straight month to 4.07 percent in May, the lowest rate since January 2018.
There were 69,118 homes for sale in the month of May – the most in New York State since October 2018.
The median sales price continues to escalate, jumping 6.0 percent to $273,200 compared to the same time last year. This marks 41 consecutive months that the median sales price is up in a year-over-year comparison. Additionally, the number of days a house was on the market decreased from 79 in May 2018 to 75.
The month’s supply of homes for sale was up 1.6 percent compared to May 2018 to a 6.2 month’s supply. A 6-month to 6.5-month supply is considered to be a balanced market.
Additional data is available at http://www.nysar.com/industry-resources/market-data
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 59,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.