Home sales prices and housing inventory were on the rise in New York during May, but closed sales were in decline, according to new data from the New York State Association of Realtors.
There were 69,118 homes for sale in May, the highest number in the state since October 2018. But more homes for sale did not translate into more sales: the 10,430 closed sales in May represented a 4.4 percent decline from one year earlier, while the 13,604 pending sales was a scant 0.4 percent higher from the previous year.
Nonetheless, the median sales price rose six percent year-over-year to $273,200, which made May the 41th consecutive month for annual increases in the median sales price. The month’s supply of homes for sale was up 1.6 percent year-over-year to a 6.2-month supply, while the number of days a house was on the market decreased from 79 in May 2018 to 75.