ALBANY, N.Y. (NEWS10)- The average price of a New York house sold in 2021 was $370K. It’s a 19.4% increase over 2020’s average price of $310K, said the New York State Association of Realtors (NYSAR). They also said that there were 2.3 months of houses in inventory in December compared to 3.7 months in December 2020.
NYSAR said there were 30,654 homes for sale in New York last month and 44,071 last December. Newly listed houses were also down year over year by 12.3% from 9,005 in 2020 to 7,896 in 2021.
Nationwide the average price of a house in November was $481,700, according to the U.S. Census Bureau. based on Census data available house inventory nationwide was greater than in New York. In November there was 6.5 months of inventory.
The median sales price of homes in New York has grown since 2017. The table below shows median sales growth from 2017-2021.
|Year||Median sales price|
|Year||New listings in N.Y.|
NYSAR said mortgage rates are at historic lows with a 30-year-fixed-rate mortage at 3.10% in December, up from 3.07% in November, according to Freddie Mac. However, NerdWallet shows mortgage rates are on the rise. On Jan. 21 it had gone up to 3.598% for a 30-year-fixed-rate mortgage.
The price for exisiting homes could go up another 2.9% and the market will remain competitive, according to Realtor.com’s 2022 housing forecast. Here’s what they had to say about home buying in 2022:
Americans will have a better chance to find a home in 2022, but will face a competitive seller’s market as first-time buyer demand outmatches the inventory recovery. Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth. Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise.