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According to a report on May 22, 2025, by the New York State Association of Realtors (NYSAR), housing inventory rose slightly across New York for the first time in more than a year, while new listings grew nearly 10 percent in March, fueling optimism for a more active spring housing market. Despite a slight uptick in housing inventory and continued mortgage rates below seven percent, existing home sales in New York State declined in April.¹ Closed sales of homes fell 6.2 percent in April, from 7,428 homes in 2024 to just 6,968 units last month. Surging home prices may play an important role here. The median price of homes in New York rose again, marking 21 consecutive months of gains. In April 2024, the median home price was $410,000, which is 3.7 percent below the $425,000 median home price in April 2025.²

Photo Credit: NYS April Housing Market Snapshot, New York State Association of REALTORS, Inc. New York Home Sales Slide in April Aimed Higher Inventory and Steady Mortgage Rates,, New York State Association of REALTORS, Inc (May 22, 2025). Accessed June 3, 2025, https://www.globenewswire.com/news-release/2025/05/22/3086901/0/en/New-York-home-sales-slide-in-April-amid-higher-inventory-and-steady-mortgage-rates.html

¹ Spring New York Housing Market Showing Signs of Bloom in March,, New York State Association of Realtors, Inc (April 24, 2025). Accessed June 3, 2025, https://www.globenewswire.com/news-release/2025/04/24/3067718/0/en/Spring-New-York-housing-market-showing-signs-of-bloom-in-March.html

² New York Home Sales Slide in April Aimed Higher Inventory and Steady Mortgage Rates, New York State Association of REALTORS, Inc (May 22, 2025). Accessed June 3, 2025, https://www.globenewswire.com/news-release/2025/05/22/3086901/0/en/New-York-home-sales-slide-in-April-amid-higher-inventory-and-steady-mortgage-rates.html