(WETM) – The housing market is “cooling” across New York and in the Southern Tier as fewer homes sell faster and at higher prices than last year, according to the NYS Association of Realtors.
NYSAR released its July 2022 report, saying that the median price of a home in New York rose almost 10% to $420,000 in July 2022 compared to a year ago. At the same time, the number of houses available fell almost 14% and the length for which they’re on the market also fell to just over 3%.
On top of the rising prices, NYSAR said mortgage rates were still high after rising for seven months, but they did fall slightly in July.
NYSAR also reported that across the state, closed sales and pending fell 14% and 9%, respectively, since July of last year.
Across the Southern Tier, the data showed much of the same. In Chemung County, the median sales price of a home rose $22,000 to $154,000 since last year while the number of homes available dropped by 64. Schuyler County was the only Southern Tier county to see a drop in sales price, lowering by $10,000 to a median of $150,500.
The complete set of numbers for each New York county is in the report below: