The Housing Affordability Index in New York dropped by 31.3% to 90. Pending Sales in New York State were down 5.8 percent to 41,217.Ī higher number means greater affordability.They are considered a forward-looking indicator of home sales based on contract signings.

Closed Sales decreased 7.1 percent to 33,209.Inventory shrunk 14.3 percent to 38,965 units.

Prices gazed upward as the Median Sales Price was up 13.5 percent to $415,000.The average sales price was up 15.1 percent to $554,413.Sellers received, on average, 102.9% percent of their original list price at sale, a year-over-year improvement of 2.1 percent.Days on Market decreased 14.5 percent to 53 days.Months Supply of Inventory was down 6.1 percent to 3.1 months.New York has also been one of the hardest hit by the COVID-19 pandemic, with the highest job losses among the country's major metropolitan areas. It has been recovering from the economic effects of the pandemic. Inventory shortages and strong buyer demand continued to drive up home prices, with multiple offers on a limited number of homes being a common occurrence in the majority of market segments. The current market dynamics point to a competitive advantage for New York City sellers right now. The housing market may be making a turn toward normalcy across the country as a result of rising interest rates and an increase in the number of sellers who are listing their homes for sale. However, New York City is extremely unique in that rising rates do not necessarily slow down the demand for housing there. There is still a significant amount of activity in the market from purchasers who are willing to pay cash or have enormous budgets and pay little to no attention to rising interest rates.

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