New Listings in New York Up Over 6 Percent
In addition to ongoing housing price increases and affordability concerns in the state of New York, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were down across the nation and sometimes dependent on what was a persistent wintry mix, especially here in the Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons, and last year’s marks were already quite low.
New Listings were up 6.3 percent to 18,475. Pending Sales decreased 0.9 percent to 11,543. Inventory grew 3.4 percent to 63,504 units.
Prices moved higher as the Median Sales Price was up 5.9 percent to $270,000.
Days on Market decreased 7.7 percent to 84 days. Months Supply of Inventory was up 5.6 percent to 5.7 months.
The Federal Reserve recently took a welcome step for potential home buyers, announcing that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.