These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
LOW HOME INVENTORY CODE
The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 60,000 of New York state’s real estate professionals. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.10% in December 2021, to 3.45% in January 2022.Įditor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes. Only 1 in 65 listings will now be affordable to buyers in that same income range. Mortgage interest rates, which ended 2021 under 3%, escalated at the beginning of 2022. The National Association of Realtors recently published a research report that highlights the severity of low inventory for many homebuyers: For buyers in the 75,000 - 100,000 range, there are 400,000 fewer homes for sale now than there were in 2019. Pending sales were up marginally, inching up to 9,698 units in January 2022 from 9,639 units in January 2021, marking a 0.6% increase. Closed sales declined as well, falling 5.4% from 11,565 homes in January 2021 to just 10,935 homes last month. New home listings dropped to 10,880 units in January 2022 from 12,414 homes available in January 2021. This marks 21 consecutive months the median sales price has escalated in year-over-year comparisons. Median sales prices once again rose, escalating 13.3% from $350,000 in January 2021 to $396,500 in January 2022. A 6-month to 6.5-month supply is considered to be a balanced market. A well-made offer is key to landing your dream home, but a poor. Months’ supply of inventory plummeted 36.1% from 3.6 months of inventory in January 2021 to just 2.3 months’ supply last month. When homes are in high demand, its imperative that your offer stands out from a crowd. This marks the lowest housing inventory since 2007. Many buyers and their agents are frustrated as they try to find homes for sale. As we enter what is traditionally the busiest season for home sales, there is low real estate inventory. In a low-inventory market, searching for a home can feel like an impossible feat. Many of us began spending all our time at home and many of us decided we needed more space.
LOW HOME INVENTORY HOW TO
Inventory of homes for sale fell 30.3% in January 2022 – from 42,383 homes in January 2021 to just 29,535 this year. How To Deal With Low Home Inventory: Tips for Homebuyers. Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. Inventory of homes for sale dropped to historically low rates in the beginning of 2022 while home prices continue to rise across the Empire State, according to the housing report released today by the New York State Association of REALTORS. The report explains: Total housing inventory at the end of December totaled 1.07 million units, down 16.4 from November and down 23 from one year ago (1.39 million).
Submitted by the New York State Association of REALTORS
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