NY housing market continues its strong momentum to start 2021

ALBANY, N.Y., Feb. 19, 2021 (GLOBE NEWSWIRE) -- A robust winter housing market continued into 2021 with both pending and closed sales remaining strong, according to the housing report released today by the New York State Association of REALTORS^®.

While adhering to COVID-19 protocols, closed sales rose 16.7 percent – up from 9,557 units in January 2020 to 11,153 homes last month. Pending sales also escalated to kick off 2021, with 10,588 units in January 2021 – up from 8,612 homes in 2020 in year-over-year comparisons.

Inventory continues to be a concern at the start of 2021, dropping 26.7 percent with 38,885 homes available this January compared to 53,054 in January 2020. New listings decreased 15.5 percent as well - from 14,515 to begin 2020 to 12,265 listings available in January 2021.

The median sales price jumped to $355,000 last month. This represents a 20.3 percent increase from the $295,000 median price in January 2020.

Low mortgage rates remained positive, aiding home buyers in January. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in January stood at 2.74 percent – a slight increase from 2.68 percent in December 2020.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Editor’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.

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. 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^®. These REALTORS^® are also members of the New York State Association of REALTORS^® as well as their local board or association of REALTORS^®.

Scott Morlock
Director of Communications
518-463-0300 x208 office
smorlock@nysar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67fe3ab6-9fef-48e5-b00f-c6219c388ce8