For the first time in eight months there was an increase in number of homes newly listed for sale, according to the housing report released today by the New York State Association of REALTORS. Despite the bump in new listings, overall housing inventory remains extremely low.
New home listings increased from 11,226 units in February 2021 to 11,658 homes last month. This 3.8 percent increase marks the first time since May 2021 that new listings were up in year-over-year comparisons. Pending sales increased 4.2 percent in February – from 9,938 homes in 2021 to 10,358 units in 2022. Closed sales however declined, from 10,148 sales in 2021 to 9,009 homes last month. This represents an 11.2 percent decrease.
Inventory across New York State fell to another record low of just 29,435 homes in February 2022, down 26.2 percent from the 39,864 homes available in February 2021. Months’ supply of inventory dipped 30.3 percent from 3.3 months of inventory in February 2021 to just 2.3 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.
Median sales prices once again rose, escalating 12.7 percent from $355,000 in February 2021 to $400,000 in February 2022. This marks 22 consecutive months the median sales price has escalated in year-over-year comparisons.
Mortgage interest rates jumped over three tenths of a point in February. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.45 percent in January 2022 to 3.76 percent in February 2022. This is the highest rate since July, 2019.
Here is data on median home prices for February in New York State by county along with number of homes available for sale.
Figures are from NY State Association of Realtors, Hudson Gateway Association of Realtors and Greater Capital Association of Realtors.
Data is not available for New York County which covers Manhattan.
| NY County | Closed Sales | % Change (From Previous Year) | Median Sale Price | % Change (From Previous Year) |
|---|---|---|---|---|
| Albany | 198 | -5.3% | $332,500 | +16.1% |
| Allegany | 31 | -3.1% | $125,750 | +23.6% |
| Bronx | 106 | -20.3% | $337,500 | -10.0% |
| Broome | 128 | -6.6% | $170,106 | +11.2% |
| Cattaraugus | 51 | -7.3% | $135,000 | -3.6% |
| Cayuga | 50 | -13.8% | $181,500 | +0.6% |
| Chautauqua | 106 | -15.9% | $160,000 | +4.9% |
| Chemung | 67 | -5.6% | $149,950 | -2.3% |
| Chenango | 170 | -26.4% | $168,150 | +36.6% |
| Clinton | 45 | -2.2% | $190,000 | +16.8% |
| Columbia | 49 | -3.9% | $450,000 | +20.0% |
| Cortland | 32 | +10.3% | $185,500 | +19.7% |
| Delaware | 57 | +16.3% | $275,000 | +27.9% |
| Dutchess | 205 | -13.9% | $420,000 | +5.0% |
| Erie | 605 | -10.9% | $252,000 | +5.0% |
| Essex | 43 | -4.4% | $302,500 | -6.2% |
| Franklin | 25 | -30.6% | $193,000 | -14.8% |
| Fulton | 35 | -36.4% | $156,000 | +4.4% |
| Genesee | 46 | -9.8% | $182,500 | +8.0% |
| Greene | 52 | -20.0% | $347,000 | -2.3% |
| Hamilton | 6 | -53.8% | $370,000 | +15.6% |
| Herkimer | 47 | +11.9% | $171,250 | +1.5% |
| Jefferson | 79 | -23.3% | $189,950 | +8.8% |
| Kings | 128 | -15.2% | $639,500 | +9.0% |
| Lewis | 19 | +0.0% | $160,000 | -1.5% |
| Livingston | 36 | -26.5% | $235,000 | +22.4% |
| Madison | 46 | -22.0% | $200,000 | +13.0% |
| Monroe | 591 | -3.3% | $230,000 | +17.9% |
| Montgomery | 31 | -8.8% | $214,000 | +35.0% |
| Nassau | 771 | -17.2% | $710,000 | +7.6% |
| New York | n/a | n/a | n/a | n/a |
| Niagara | 156 | -20.8% | $208,000 | -1.6% |
| Oneida | 156 | -7.1% | $196,800 | +9.1% |
| Onondaga | 344 | -15.5% | $231,000 | +10.5% |
| Ontario | 88 | -6.4% | $242,500 | -1.4% |
| Orange | 281 | -24.9% | $415,000 | +2.5% |
| Orleans | 35 | +25.0% | $175,000 | +23.5% |
| Oswego | 80 | +5.3% | $167,730 | +11.8% |
| Otsego | 45 | -0.0% | $205,000 | -2.4% |
| Putnam | 82 | -17.2% | $509,000 | +18.6% |
| Queens | 576 | +1.9% | $557,500 | +2.3% |
| Rensselaer | 109 | -22.7% | $280,000 | +12.1% |
| Richmond | 259 | -18.0% | $717,500 | +7.9% |
| Rockland | 176 | -31.0% | $637,200 | +15.9% |
| St. Lawrence | 63 | -18.2% | $128,500 | -3.7% |
| Saratoga | 221 | -3.1% | $410,000 | +9.3% |
| Schenectady | 111 | -19.6% | $253,000 | +7% |
| Schoharie | 59 | -26.3% | $225,950 | +43.6% |
| Schuyler | 14 | -0.0% | $408,500 | +49.4% |
| Seneca | 24 | -14.3% | $170,500 | +8.2% |
| Steuben | 76 | +7.0% | $160,000 | -3.0% |
| Suffolk | 984 | -21.3% | $600,000 | +10.1% |
| Sullivan | 93 | -7.0% | $279,000 | +7.7% |
| Tioga | 24 | -27.3% | $275,000 | -7.7% |
| Tompkins | 43 | -12.2% | $275,000 | -7.7% |
| Ulster | 137 | -18.9% | $410,000 | +10.8% |
| Warren | 63 | -1.6% | $321,400 | +2% |
| Washington | 48 | +2.1% | $248,500 | +1.4% |
| Wayne | 54 | -15.6% | $232,988 | +29.9% |
| Westchester | 572 | -16.6% | $620,000 | +1.2% |
| Wyoming | 29 | +52.6% | $200,000 | +33.3% |
| Yates | 19 | -29.6% | $292,500 | +30.0% |
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