ROCHESTER, N.Y. (WROC) — Mortgage rates in New York have reached their highest point in decades as closed sales and the number of homes for sale continue to drop, according to the New York State Association of REALTORS (NYSAR).
In a new report, inventory of homes across the state dropped by 24% from last month, which NYSAR reports as October being the 47th month of the number of homes for sale going down. New listings dropped 10.2% also. This comes as interest rates on a 30-year fixed-rate mortgage have jumped up 7.31%.
The decreases don’t just stop at listings or homes for sale — the number of closed sales has gone down by 22.5% and pending sales have gone down by 8.1%.
Monroe County is seeing decreases in these areas as well — homes for sale saw a 6.7% decrease and new listings also went down by 2.6%. Closed sales saw an even bigger drop of 17.6% No changes have been made to the month’s supply.
Compared to other counties — Ontario and Wayne also saw these drops. In Ontario and Wayne County respectively, new listings dropped by 5.4% and 3.8% and closed sales by 26.2% and 22.7%. The only place that differs is homes for sale — Ontario County saw a decrease of 3.2% but Wayne County saw an increase of 4.8%
With all of this in mind, there is one area where all three counties saw an increase: the prices of homes. New York State’s median price in general went up to $390,000.
In Monroe County, the median sales price has shot up to $251,000, Ontario County shot up to $280,000, and Wayne County shot up to $216,000.
For more information, you can check out additional market data by clicking here.