New York state’s home inventory continues to fall while demand rises

The New York State Association of Realtors has released its latest report, showing a continuation of the brisk market of the past year.

For August, the number of homes sold saw a year-over-year rise for the 12th straight month, and closed sales are at a 36.3% increase from this time last year. Sales were up 16.9% as compared to the month of August of last year.

Pending sales and new listings are both down, by 8.4% and 15.9%, respectively.

Inventory, in a year-over-year comparison, has been falling now for 22 months in a row. 54,424 homes were for sale in August of 2020. That number shrank by over 20% to 43,106 in August 2021.

Sales price increases aren’t slowing down, either, with the median sales price up almost 30% from last year and the average sales price up almost 22%. Last August, the median price was $304,000; that number is now up to $395,000.