Capital District - News - Real Estate

Median NYS Home Price at $420,000 in December

ALBANY — Home sales inched upwards in December despite housing inventory reaching its lowest point in recorded history, according to the housing report released this week by the New York State Association of REALTORS.

Median sales prices continue to escalate, rising 10.5 percent in December, from $380,000 in December 2023 to $420,000 in December 2024.

Housing inventory fell 2.6 percent in December, from 23,808 units available in December 2023 to a record low 23,198 homes in December 2024. This marks the lowest number of homes for sale since statistics started being kept by NYSAR in 1997.

Sales across the Empire State did increase in December. Closed sales rose 3.7 percent – from 8,814 homes in December 2023 to 9,138 units last month. Pending sales rose from 6,207 homes in December 2023 to 6,423 homes in 2024. This represents a 3.5 percent increase in year-over-year comparisons. New listings were also up 3.9 percent in December – from 5,742 listings in 2023 to 5,968 listings in 2024.

Interest rates dropped slightly in December, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage ended the month at 6.72 percent, which is lower than the November average rate of 6.81 percent. For comparison, a year ago, the interest rate stood close to November’s average rate of 6.82 percent.

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