Skip to main content

COVID-19 Still Slowing NY Housing Market

Navi Persaud
Jun 23, 2020
Busy street in NY.

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.
NYSAR reported that only having the ability to conduct virtual showings resulted in a 44.5% decrease in new listings

 
Published
Jun 23, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023