NYS Housing Market Update: October 2024 Sales and Price Trends

NYS Housing Snapshot – October 2024

ALBANY, N.Y., Nov. 21, 2024 – Home prices in New York saw a significant increase in October, while mortgage rates continued to rise, according to the latest housing report from the New York State Association of REALTORS®.

The median home price in New York rose 11.0% in October, from $374,000 in October 2023 to $415,000 last month. This increase marks the sixteenth consecutive month of rising year-over-year median sales prices.

Mortgage interest rates increased weekly over October. The average rate for a 30-year fixed-rate mortgage reached 6.43%, up from 6.18% in September 2024 and much lower than the 7.62% average in October 2023.

Closed sales across New York decreased by 3.8% from the previous year, dropping from 9,989 sales in October 2023 to 9,609 homes sold in October 2024. However, pending sales rose from 9,270 homes last October to 10,044 units in October 2024, reflecting an 8.3% increase. Listings also slightly increased, up 1.5% from 12,446 in October 2023 to 12,637 last month.

The number of homes for sale fell from 30,830 in October 2023 to 28,691 last month, indicating a 6.9% decrease.

For further details, visit NYSAR Market Data.

Editor’s Note: This data includes townhomes, condominiums, and existing single-family homes compiled from multiple listing services in New York State.

The New York State Association of REALTORS® represents over 63,000 real estate professionals in New York. REALTORS® adhere to a strict code of ethics as members of the National Association of REALTORS® and local boards of REALTORS®.

Contact:
Scott Morlock
Director of Communications
518-463-0300 x208
smorlock@nysar.com

An infographic with this information is available here.