NEW YORK STATE (NEWS10) — Painting a less rosy picture than Capital Region realtors, the New York State Association of Realtors says the coronavirus continued slowing down the housing market in May.
In a new report, NYSAR says that new listings decreased statewide when comparing May 2020 to May 2019. In 2019, 23,668 units were listed, but the number in 2020 was only 13,139. That’s an almost 45% drop. Pending sales saw an even steeper decline of 47% for the same period, from 14,224 sales last year to 7,500 this year.
NYSAR owed the downfall to state guidance that only let realtors show houses virtually.
Although closed sales declined 34% percent (from 11,475 to 7,597), the median sale price held at $270,000. This figure typically sees significant growth, which is why real estate is generally considered a wise investment. The average sales price, $376,542, actually increased about 3% from May 2019.
Interest rates on 30-year, fixed rate mortgates have stayed close to all-time lows for over a month 3.3%, encouraging buyers across the state.
According to the Associated Press, U.S. home sales jumped in February to their highest level in 13 years, a trend mostly reversed by the viral outbreak.