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Home inventory across NYS drops to all-time low for December 2023

todayJanuary 21, 2024 3

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ROCHESTER, N.Y. (WROC) – At the end of 2023, New York State Association of REALTORS® confirmed on Friday that the inventory of homes across New York State fell to the lowest recorded mark in history.

Inventory of homes for sale across the state dropped to an all-time recorded low of 24,469 units in December 2023.

This represents a 17.8 percent decline in the 29,768 homes available in December 2022. Prices continued to rise and the end of 2023, with the median sales price of homes escalating 10.1 percent to $380,000 last month. In December 2022, the price was $345,000. This marks the fifth consecutive month of rising median sales prices.

Interest rates have started to decrease in month-over-month comparisons. The average on a 30-year fixed-rate mortgage dropped from 7.44 percent in November 2023 to 6.82 percent in December, according to Freddie Mac.

According to NYSAR, a year ago at this time, the interest rate was 6.36 percent. New listings and pending sales increased slightly in December.

The report said new listings of homes were up 0.4 percent in year-over-year comparisons from 5,769 units in December 2022 to 5,791 homes in December 2023.

According to the report, pending sales went up 0.7 percent from 6,483 units in 2022 to 6,528 homes in December 2023.

Closed sales dropped 12.6 percent from 9,855 sales in December 2022 to 8,611 homes to close out the year 2023.

​ ROCHESTER, N.Y. (WROC) – At the end of 2023, New York State Association of REALTORS® confirmed on Friday that the inventory of homes across New York State fell to the lowest recorded mark in history.

Inventory of homes for sale across the state dropped to an all-time recorded low of 24,469 units in December 2023.

This represents a 17.8 percent decline in the 29,768 homes available in December 2022. Prices continued to rise and the end of 2023, with the median sales price of homes escalating 10.1 percent to $380,000 last month. In December 2022, the price was $345,000. This marks the fifth consecutive month of rising median sales prices.

Interest rates have started to decrease in month-over-month comparisons. The average on a 30-year fixed-rate mortgage dropped from 7.44 percent in November 2023 to 6.82 percent in December, according to Freddie Mac.

According to NYSAR, a year ago at this time, the interest rate was 6.36 percent. New listings and pending sales increased slightly in December.

The report said new listings of homes were up 0.4 percent in year-over-year comparisons from 5,769 units in December 2022 to 5,791 homes in December 2023.

According to the report, pending sales went up 0.7 percent from 6,483 units in 2022 to 6,528 homes in December 2023.

Closed sales dropped 12.6 percent from 9,855 sales in December 2022 to 8,611 homes to close out the year 2023. Read More Local NewsRochesterFirst  

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todayJanuary 21, 2024 5

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