COVID-19 Still Slowing NY Housing Market
June 23, 2020
The COVID-19 threat has continued to show just how impactful it can be on the U.S. economy, especially when it comes to the housing industry. For New York, the housing market has continued to slow as a result of the pandemic, according to the New York State Association of REALTORS (NYSAR).
With the inability to conduct in-person showings, virtual showings were the only option in May 2020. NYSAR reported that only having the ability to conduct virtual showings resulted in a 44.5% decrease in new listings. Pending sales also took a 47.3% hit, with just 7,500 sales in May 2020, compared to 14,224 sales in May 2019. Additionally, closed sales declined by 33.8%, from 11,475 unites in May 2019 to 7,597 units in May 2020.
The median sales price remained even in May in year-over-year comparisons at $270,000. A positive for home sellers was the average sales price for May–$376,542–increased 2.9% from $365,796 in May 2019. Interest rates on a 30-year fixed-rate mortgage have been hovering near all-time lows for more than four weeks at 3.3 percent, according to Freddie Mac, and are helping spur buyer interest across the state.
The number of new listings should change now that in-person showings are allowed across the state again under New York's health guidelines.
Click here to read more from the NYSAR report.
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