Pending sales fell 22.4 percent from 11,874 units in November 2018 to 9,214 dwellings in November 2022. A balanced market has a supply of six to six and a half months.Ĭlosed sales fell to 10,101 in November 2022, compared to 13,120 in November 2021, reflecting a 23% reduction in year-over-year comparisons.
Months' supply is the number of months it would take to sell the present inventory of homes at the current sales rate. In year-over-year comparisons, the months' supply of dwellings stayed unchanged at 3.2 months. The number of available properties for sale fell by 12%, from 40,321 in November 2021 to 36,490 this month.
According to the housing report released by the New York State Association of REALTORS®, the number of properties for sale declined for the 37th straight month in year-over-year comparisons, while mortgage rates remain more than double what they were at this time last year. A prolonged scarcity of properties on the market, along with high prices and high mortgage rates, continues to impede the New York housing market. Here are the latest trends in the NYC real estate market as well as the statewide market.
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