ALBANY – Mortgage rates surged to over five percent in May and home prices continued their upward climb across the Empire State, based on data from the New York State Association of Realtors.
According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage soared from 4.98 percent in April 2022 to 5.23 percent in May 2022. This is first time the monthly average commitment rate has been over five percent since January 2010, when it stood at 5.03 percent.
Median sales prices continued to climb, escalating from $355,000 in May 2021 to $480,000 just last month. This represents an increase of 35.2 percent and marks 25 consecutive months in year-over-year comparisons that median sales prices have increased.
Closed sales were up 12.2 percent in May – from 11,095 homes in May 2021 to 12,451 in May 2022. Pending sales fell from 14,793 units in May 2021 to 14,306 homes in May 2022. This represents a decrease of 3.3 percent. New listings were down as well, falling 4.7 percent from 19,839 in May of last year to 18,900 units last month.
Inventory of homes across New York State continues to be a concern, declining 18.1 percent from 43,458 homes available in May 2021 to 35,573 units in May 2022. Months’ supply of inventory fell 12.5 percent in in year-over-year comparisons from 3.2 months of inventory in May 2021 to just 2.8 months in May 2022. A 6-month to 6.5-month supply is considered to be a balanced market.
