New York housing market continues to be busy in March

New York housing market continues to be busy in March

News Highlights

ALBANY, N.Y., April 22, 2021 (News) — Closed and pending sales remained robust in March, marking the seventh straight month of gains in year-over-year comparisons, according to the housing report released today by the New York State Association of REALTORS®.

Closed sales climbed 36.7 percent in March – from 8,051 homes at the beginning of the pandemic last March to 11,008 this year. Pending sales jumped from 9,276 homes in March 2020 to 14,757 units this year – a 59.1 percent increase.

Inventory levels continue to struggle as the number of homes for sale across New York fell 30.1 percent – from 52,536 homes in March 2020 to just 36,739 units available last month.

Median sales prices once again were on the rise, escalating to $365,000 in March 2021. This represents a 30.4 percent increase from the $280,000 median price in March 2020.

Mortgage interest rates however, rose for the third consecutive month. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in March jumped to 3.08 percent. Yet, this is still lower than the 2020 average rate of 3.11 percent.

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 60,000 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®.

Information:518.463.0300www.nysar.com

Contact:Scott MorlockDirector of Communications518-463-0300 x208 officesmorlock@nysar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1dd3ec3-39f6-48fe-b481-1d023a925daf

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