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LBANY, N.Y. — The New York State Association of Realtors reported that home prices across the state surged again in August, while inventory continued to dwindle. According to their latest housing report, the median sales price jumped by over $34,000 compared to last year, reaching $444,713.
This marks the 13th consecutive month of rising median sales prices. Meanwhile, available homes decreased by 6.5 percent from 29,787 units in August 2023 to 27,851 last month, marking the 18th straight month of declining inventory.
Other key statistics include:
* Closed sales: Down 9.1 percent compared to 2023
* Pending sales: Down 2.9 percent compared to 2023
* New listings: Down 5.8 percent compared to 2023
Mortgage rates have also been trending downward, with a 30-year fixed-rate mortgage averaging 6.50 percent last month, down from 7.07 percent in August 2023.
