Closed and pending home sales rose in February, marking the fifth consecutive month of sales growth in year-over-year comparisons, according to the housing report released by the New York State Association of REALTORS®.
Closed sales in February climbed 24 percent from 7,898 units in 2020 to 9,796 homes in 2021. Pending sales maintained a similar upward trend, rising to 10,938 homes in February 2021 from 9,336 units last year – an increase of 17.2 percent.
Inventory continues to shrink in 2021, falling to 36,717 units statewide last month – a 31.5 percent decrease of the 53,614 homes available in February of last year. New listings of homes fell once again as well, dropping from 14,714 units in February 2020 to just 11,155 homes this year – a drop of 24.2 percent.
Median sales prices escalated to $360,000 last month. This represents a 22 percent increase from the $295,000 median price in February 2020.
Mortgage interest rates ticked a bit higher in February, but remain below their 2020 levels. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in February held at 2.81 percent. This was a slight increase from 2.74 percent in January 2021.
Additional data is available at http://www.nysar.com/industry-resources/
market-data.
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