Buoyed by a strong economy and continued low mortgage rates, the New York State housing market showed an upward climb in sales and listings in September, according to the housing market report released today by the New York State Association of REALTORS®.
Closed sales in New York totaled 11,467 units in the month of September, a 1.6-percent increase from this time last year. New listings and pending sales rose substantially in September – up 7.5-percent to 18,161 homes and 7.6-percent to 11,182 respectively.
For the third quarter, closed sales were down marginally, 0.8-percent to 38,722 homes but both new listings and pending sales trended upward. There were 56,361 new listings this quarter, a 1.2-percent increase, while pending sales rose 4.9-percent to 37,766 homes.
Interest rates remained low, down 0.1-percent to 3.61 percent on a 30-year fixed mortgage, according to Freddie Mac. This is the fourth consecutive month that interest rates were below 4.0-percent.
Median sales prices once again climbed in September, up 5.7-percent to $280,000. Quarterly prices surged upwards as well, rising 5.5-percent to $290,000. Inventory levels were down for September, 2.9-percent to 71,737 homes for sale.