Real estate prices rise, sales fall across New York State
ALBANY, N.Y. (NEWS10) -- New York State Association of Realtors (NYSAR) has released its August 2022 New York State housing market report. The report shows that housing prices across the state rose while home sales declined.
NYSAR said closed sales fell 10.9% in August from 15,367 homes in 2021 to 13,740 last month. Pending home sales decreased from 14,464 homes in August 2021 to 13,740 in 2022 for a 5% decline. New home listings fell from 18,099 listings in August 2021 to 15,344 a month ago.
The median sales price of homes across the state rose 3.8% in August from $390,000 in 2021 to
$405,000. NYSAR said this marks 28 consecutive months that median sales prices have increased. Home inventory also fell 15.5% from 46,367 homes in August 2021 to 39,179 in August 2022.
"Good news for homebuyers as mortgage interest rates dropped slightly last month. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage fell from 5.41% in July 2022 to 5.22% in August 2022. This is still over two percentage points higher than the rate of 2.84% in August 2021," said the report.
| August 2021 | August 2022 | % change | YTD 2021 | YTD 2022 | % change | |
| New Listings | 18,099 | 15,344 | -15.2% | 140,396 | 128,138 | -8.7% |
| Pending Sales | 14,464 | 13,740 | 5% | 105,355 | 97,524 | -7.4% |
| Closed Sales | 15,367 | 13,693 | -10.9% | 98,546 | 91,357 | -7.3% |
| Days on Market | 45 | 40 | -11.1% | 59 | 53 | -10.2% |
| Median Sales Price | $390,000 | $405,000 | 3.8% | $369,900 | $407,500 | 10.2% |
| Avg. Sales Price | $509,939 | $539,218 | 5.7% | $477,709 | $539,829 | 13% |
| % of List Price Received | 102.2% | 102.6% | 0.4% | 100.6% | 102% | 1.4% |
| Affordability Index | 122 | 92 | 24.6% | 128 | 92 | -28.1% |
| Homes for Sale | 46,367 | 39,179 | 15.5% | -- | -- | -- |
| Months Supply | 3.5 | 3.2 | 8.6% | -- | -- | -- |
The report provides a breakdown of home sales by county as well. NYSAR only has August data available for five Capital Region counties:
- Columbia
- New listings declined 7.1%
- Closed sales declined 37.3%
- Median sales price stayed the same at $375,000
- Homes for sale declined 29.4%
- Dutchess
- New listings declined 4.5%
- Closed sales declined 28.4%
- Median sales price increased 5.1% to $420,000
- Homes for sale declined 21.4%
- Greene
- New listings declined 10.8%
- Closed sales declined 28.4%
- Median sales price increased 15.8% to $330,000
- Homes for sale declined 24.4%
- Ulster
- New listings declined 11.6%
- Closed sales declined 11.9%
- Median sales price increased 12.1% to $395,000
- Homes for sale declined 14%
- Warren
- New listings declined 10.6%
- Closed sales declined 12%
- Median sales price increased 9.1% to $300,000
- Homes for sale declined 22.6%