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Demand Strongly Outpaces Inventory In New York
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NY housing market: Sale prices up, inventory down, data shows
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New York State Team
The housing market in the Empire State reached yet another milestone in June as sale prices increased while inventory continued to remain near a record low, according to data released Thursday.
The New York State Association of Realtors reported the median sale price for a home reached $385,000 in June, a 28.3% increase from the same month last year, when the state was in the midst of government-mandated COVID-19 restrictions.
An increase in demand for housing in New York combined with low inventory has meant that buyers, on average, have had less room to negotiate on price. There were 42,598 homes listed for sale at the end of June, a 21% drop from the year prior, according to the association.