ROCHESTER, N.Y. (WROC) — The amount of closed sales on housing has dropped to its lowest point in nearly a decade in New York State, according to the latest report from the New York Association of Realtors (NYSAR)
The latest report shows that closed sales have dropped from 9,351 in February 2022 to 6,147 units. This decrease continues a decline from January when closed sales were decreasing across the state.
According to NYSAR, this is the lowest amount of closed sales since February 2014 when only 5,400 closed sales were made. In addition, new listings decreased by 15.8% and pending sales fell 8.1%.
Monroe County also saw a decrease in closed sales. In February 2022, there were 337 closed sales. Last month, that number decreased to 275 comparatively, a decline from January when there were 368 closed sales.
Despite the decrease in closed sales, Monroe County saw increases in new listings and homes for sale. There were 503 new listings in February 2023 compared to 479 in 2022 and there were 396 homes for sale compared to 274 in 2022.
Wayne County, on the other hand, saw nothing but decreases. The number of closed sales dropped by 36.7% while new listings dropped by 13.6%. The number of homes for sale dropped by 14.3%
NYSAR says that not only did low inventory contribute to the decreases, but mortgage rates played a role as well. Interest rates increase every week throughout the month of February, with the monthly rate on a 30-year mortgage going from, 6.09% at the start of the month to 6.50% at the end.
More information about these statistics can be found on NYSAR’s website.