Mortgage rates in New York have soared to their highest in decades, aligning with a stark decrease in home inventory and sales, reveals a report by the New York State Association of REALTORS (NYSAR).
Statewide, home inventory saw a substantial 24% drop last month, marking October as the 47th consecutive month of declining numbers of homes available for sale. Furthermore, new listings have declined by 10.2%, while closed sales and pending sales have decreased by 22.5% and 8.1% respectively.
Regional figures mirror the state’s broader trend. The Finger Lakes area experienced a 6.7% drop in homes for sale and a 2.6% decrease in new listings. Closed sales in the region fell by a significant 17.6%. Meanwhile, both Ontario and Wayne counties observed drops in new listings and closed sales. Notably, Wayne County diverged by showing a 4.8% increase in the number of homes for sale.
Amid these declines, home prices continue to climb across the state. The median home price in New York has risen to $390,000. A closer look at county figures reveals median prices of $251,000 in Monroe County, $280,000 in Ontario County, and $216,000 in Wayne County.
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