Home / Top News / Economic expansion, low inventory fuel 2019 NYS Housing Market

Economic expansion, low inventory fuel 2019 NYS Housing Market

New York State Housing December 2019

New York State Housing December 2019

New York State Housing December 2019

ALBANY, N.Y., Jan. 22, 2020 (GLOBE NEWSWIRE) — A strong economy sent buyers in search of their dream home in 2019, yet were constrained by low inventory levels all year according to the housing report released today by the New York State Association of REALTORS®.

Low inventory in 2019 continued to push median sales prices up for the year. Inventory of homes for sale fell 8.4 percent to 56,214 units in 2019 compared to 2018. Median sales prices in turn climbed 7.4 percent to $290,000 compared to last year. December marks the 47th consecutive month that the median sales price was up in month-over-month comparisons.

In 2019 closed sales were down slightly, 1.1 percent to 131,656 units. New listings did inch up 0.6-percent in 2019 to 206,192 units compared to 2018. Pending sales were also up, 3.0 percent to 136,497 homes year-to-date.

Mortgage rates in 2019 were up slightly on a 30-year fixed mortgage to 3.94 percent, according to Freddie Mac, yet they are still over a half a percent lower than they were in 2018 helping to balance affordability concerns caused by continued price appreciation.

New listings did inch up 0.6-percent in 2019 to 206,192 units compared to 2018. Pending sales were also up, 3.0 percent to 136,497 homes year-to-date.

In 2019, due to the low inventory, buyers did receive 97.4-percent of list price, up 0.1-percent from 2018.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 55,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Scott Morlock
Director of Communications
518-463-0300×208 office
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05995159-b046-431a-bd9c-1a3503c5583b

GlobeNewswire