Real estate sales continue to drop – Spotlight News

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Home sales drop across state as mortgage rates remain above 7%

ALBANY — Home sales dropped across the state in May as mortgage rates continued to remain above 7 percent, according to a housing report released by the New York State Association of Realtors.

Closed sales dipped 4.1 percent, from 8,826 homes to 8,465 homes, in year-over-year comparisons. Pending sales were down from 10,981 units in May 2023 to 8,465 homes last month, marking a 4.0 percent decrease. New listings were up 2.1 percent in May, from 14,957 listings in 2023 to 15,265 homes in 2024.

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Mortgage rates hit as high as 7.22 percent in May, according to Freddie Mac, and settled on an average monthly rate of 7.06 percent for a 30-year fixed-rate mortgage. A year ago, at this time, the interest rate stood at 6.43 percent.

The inventory of homes across New York continues to drop. In May 2023, there were 29,236 available homes across the Empire State compared to just 26,076 last month, representing a 10.8 percent drop in year-over-year comparisons.

Median sales prices jumped 8.3 percent in May, climbing from $390,000 in May 2023 to $422,500 in 2024.

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Realtors attribute high lending rates as a contributing factor behind a continuous decrease in both closed and pending sales There was at least a 4 percent drop in each category last May as lenders offered mortgage rates above 7 percent New York State Association of Realtors Inc

Local real estate market sees growth in key indicators

The number of homes for sale in the Capital District is going up, and so is the asking price.

Albany County’s real estate market has shown positive trends in several key indicators, according to the latest report from the Greater Capital Association of Realtors.

In May 2024, new listings increased by 3.5% to 296 compared to 286 in May 2023. Closed sales saw a modest rise of 1.7%, totaling 183, up from 180 the previous year.

The median sales price experienced a notable jump, rising by 9.8% from $305,000 to $335,000. Additionally, the inventory of homes for sale increased by 9.5%, reaching 264 units.

Realtors reported that the month’s supply of inventory also grew by 17.2%, indicating a slight shift towards a more balanced market.

Year-to-date figures highlight a 12.4% increase in the median sales price, from $283,000 in 2023 to $318,000 in 2024, despite a 4.0% decline in closed sales.

The local market is bucking trends observed across the state that show inventory and sales going down by 4 percent when compared to figures from this time last year.

Key Metrics:

  • New Listings: 296 (up 3.5% from May 2023)
  • Closed Sales: 183 (up 1.7% from May 2023)
  • Median Sales Price: $335,000 (up 9.8% from May 2023)
  • Inventory of Homes for Sale: 264 (up 9.5% from May 2023)
  • Months Supply of Inventory: 1.4 months (up 17.2% from May 2023)
  • Year-to-Date Median Sales Price: $318,000 (up 12.4% from 2023)
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