New York sees fewest home sales in at least 30 years
New York state had 22,366 homes for sale in February, the lowest since the New York State Association of Realtors began tracking in 1997.
That is down 3.9% from 23,266 a year earlier. Closed sales fell 10.8% from 8,061 to 7,673, and homes under contract dropped 8% from 6,707 to 6,169. The median price was largely unchanged at $425,000. New listings also declined 3.9% from 6,103 to 5,867, pointing to continued sluggishness.
National inventory has edged up, but the outlook remains uncertain. Mortgage rates rose as U.S. military operations in Iran weighed on the economy, with the average 30-year fixed rate at 6.22% as of March 19, according to Freddie Mac.
Reform efforts remain stalled. The Realtor.com State-by-State Housing Report Card gave New York an F, citing restrictive zoning, high costs, and slow permitting. The state says it needs 800,000 new homes over the next decade.
At a Monday roundtable, Hochul said updating outdated laws, including the State Environmental Quality Review Act, would spur construction. She said the reviews raise costs and slow building, while local leaders agreed regulations are hindering supply. Hochul argued more building would help stabilize or lower prices, but said resistance to development remains widespread.
