The Empire State enjoyed a healthy housing market in May, with the level of closed sales setting a new record for the month, according to data from the New York State Association of Realtors (NYSAR).
The 10,704 closed sales last month surpassed the 10,235 record set in May 2016 by 4.6 percent. The statewide median sales price last month was $239,000, up 7.1 percent from the May 2016 median of $223,200. And the level of pending sales increased by 8.2 percent from a year ago to reach 14,710.
“Spring buyer activity remained strong as New Yorkers closed on a record number of homes in May,” said Duncan R. MacKenzie, CEO of the NYSAR. “This is a welcome reversal after the slight dip in April sales as some buyers struggled to find their next home.”
Overall residential construction, however, ticked up 0.2% in May from April, and was 18.7% above the estimate for May 2021.
Construction spending in May slipped 0.1% from a month earlier, the first decline since September 2021.
According to data released Friday by the Commerce Department, construction spending was estimated at a seasonally adjusted annual rate of $1.78 trillion, down from the re...
Redfin says a record-high share of home sellers dropped their prices after this month’s historic mortgage-rate hike.
With mortgage rates continuing to rise, home sellers are reducing their asking prices, as they face the mounting pressure of falling home affordability, according to a new report from Redfin.
The technology-powered real estate brokerage says the median asking price of newly...