Albany, N.Y. (WSYR-TV) — As expected, the COVID-19 pandemic decimated the New York State housing market in April as new listings and pending sales both fell over 65 percent, according to the housing report released today by the New York State Association of REALTORS®.
With guidance in place not allowing for in-person showings across the Empire State, new listings fell 68.4 percent in April from 20,600 to 6,507 in year-over-year comparisons for New York State.
Oneida County’s new home sales dropped 70.4% from April of 2019. Oswego County saw a 67.9% drop.
Pending sales also fell precipitously, down 66.6 percent from 12,825 sales in April of 2019 to 4,287 sales last month for New York State.
Closed sales fell as well, dropping 29.3 percent to 6,626 sales – down from 9,374 units in April 2019 in New York State.
For Central New York Counties, closed sales only dropped by 2.6% on average.
New York State median sales prices slipped slightly as well in April – falling 2.6 percent to $262,000 from $269,000 at this time last year. This is the first drop in the median sales price in year-over-year comparisons since January 2016, ending a streak of 50 consecutive months of escalating median sales prices.
For Central New York’s home sellers, median sales prices actually increased from last year. Only Cortland County saw a slight drop in the median cost of a home.
Interest rates continue to draw home buyers. The rate on a 30-year fixed-rate mortgage in April fell to 3.31 percent, according to Freddie Mac. This is the lowest monthly average commitment rate on a 30-year fixed-rate mortgage since Freddie Mac began tracking in 1971.