SYRACUSE, N.Y. (WSYR-TV) — If you’re a home buyer or seller, it’s likely that housing marking interest rates keep you up at night.
Compared to last year, the average homebuyer is paying 77% more on their loan per month according to Realtor.com.
It’s never been a harder time to buy or sell a house as not only are interest rates higher than ever but the number of homes for sale is at a record low, beating the year of the 2008 stock market crash.
Greater Syracuse Association of Realtors (GSAR) published a recent study on the current status of housing affordability in Central New York to see how this problem is affecting home buyers and sellers.
Data was compiled from the Central New York Information Service and includes single-family residential activity in Cayuga, Madison, Oneida, Onondaga, Oswego and Seneca counties.
“Buyer demand, coupled with a still historically low number of homes for sale, continues to drive selling price gains throughout the Central New York housing market,” said Lynnore Fetyko, CEO of Greater Syracuse Association of Realtors (GSAR).
According to the Housing Affordability Index, the affordability for the region is at a record low and if anyone has hopes of getting a house for a good price, they can forget about it.
Compared to this time last year, the median selling price of a home grew by seven percent according to GSAR, and home sales have also decreased by more than 20 percent.
The average sales price for closed sales is higher than ever with an average price of $242,333 which is an 11.1 percent increase from last year.
“Home sales in Central New York, much like the rest of the country, continue to slow from the frenzied pandemic-driven 2021 housing market due to higher mortgage rates, economic concerns, and low inventory,” Fetyko said.
The inventory of homes for sale also hasn’t been this low since 2008, which is why home buying has become a pricey competition for many.
“Mortgage rates surpassed 7% for the first time since 2002 in late October and stayed there for most of November before ticking downward. This undoubtedly caused buyers to take a wait-and-see approach to their home-buying plans,” said Fetyko.
Although Fetyko does expect the number of homes for sale to increase, the competition remains high.
“While there were inventory gains in November and we expect that trend to continue into the new year, buyers are actively competing for newly listed homes,” said Fetyko.