The inventory of homes for sale dropped to historically low rates in the beginning of 2022 while home prices continue to rise across New York State, according to a housing report released by the New York State Association of REALTORS.
Inventory of homes for sale fell 30.3% in January 2022 – from 42,383 homes in January 2021 to just 29,535 this year. This marks the lowest housing inventory since 2007. Months’ supply of inventory plummeted 36.1%, from 3.6 months of inventory in January 2021 to just 2.3 months’ supply last month. A six-month to 6.5-month supply is considered to be a balanced market.
Median sales prices once again rose, escalating 13.3% from $350,000 in January 2021 to $396,500 in January 2022. This marks 21 consecutive months the median sales price has escalated in year-over-year comparisons.
New home listings dropped to 10,880 units in January 2022 from 12,414 homes available in January 2021. This represents a 12.4% decrease. Closed sales declined as well, falling 5.4% from 11,565 homes in January 2021 to just 10,935 homes last month. Pending sales were up marginally, inching up to 9,698 units in January 2022 from 9,639 units in January 2021, marking a 0.6% increase.
Mortgage interest rates, which ended 2021 under 3%, escalated at the beginning of 2022. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.10% in December 2021, to 3.45% in January 2022.
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