New York Housing Market Stumbles Badly in May

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The New York State Association of REALTORS says the inability to do in-person showings and other COVID-19 related matters continued to impact the New York state housing market in May, with a 44.5% decrease in new listings year over year.

That represents a decrease in the number of new listings from 23,668 to 13,139.

Pending sales also steeply declined (47.3%), from 14,224 sales in May 2019 to 7,500 sales during May 2020.

Closed sales declined 33.8% to 7,597 sales – down from 11,475 units in May 2019.

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.

Months’ supply of inventory dropped 11.5% in May, from 6.1 months to 5.4.

Additional data is available here.

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