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Mortgage rates increase, inventory decreases in April

By New York State Association Of Realtors, Inc.
 
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ALBANY, N.Y. , May 19, 2022 (GLOBE NEWSWIRE) -- Mortgage rates in April averaged their highest level since 2010, while inventory of houses continued to decrease across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.

According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 4.17 percent in March 2022 to 4.95 percent in April 2022. This is the highest monthly average commitment rate since January 2010 when it stood at 5.03 percent.

Inventory of homes for sale across New York State fell 22.1 percent from 41,938 homes available in April 2021 to just 32,681 units last month. Months supply of inventory declined 18.8 percent from 3.2 months of inventory in April 2021 to just 2.6 months in April 2022. A 6-month to 6.5-month supply is considered to be a balanced market.

Median sales prices continued to increase, climbing 28.8 percent from $365,000 in April 2021 to $470,000 just last month. This marks 24 consecutive months in year-over-year comparisons that the median sales prices have increased.

Closed sales were up slightly – from 10,954 sales in April 2021 to 11,089 homes in April 2022. This represents a 1.2 percent increase. Pending sales dipped 0.4 percent in April – from 13,667 units in April 2022 to 13,606 last month. New listings dropped 14.4 percent to just 16,914 units in April 2022 from 19,751 homes in April 2021.

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®.

Contact:

Scott Morlock
Director of Communications
518-463-0300 x208 office
[email protected]

A photo accompanying this announcement is available at:
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