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New York & Tri-State  + New York  + Finance  | 
New York State's inventory of for-sale housing has reached its lowest level since 2007

NY State Housing Inventory Reaches 15-Year Low 

Inventory of homes for sale in New York State dropped to historically low rates in the beginning of 2022 while home prices continue to rise, according to the New York State Association of REALTORS. January’s 30.3% year-over-year decline brought housing inventory to its lowest level since 2007. 

Median sales prices once again rose, escalating 13.3% Y-O-Y to $396,500 in January 2022. This marks 21 consecutive months the median sales price has escalated in Y-O-Y comparisons. 

New home listings dropped to 10,880 units in January 2022 from 12,414 homes available in January 2021. This represents a 12.4% decrease. Closed sales declined as well, falling 5.4% from 11,565 homes in January 2021 to just 10,935 homes last month.  

Mortgage interest rates, which ended 2021 under 3%, escalated as 2022 began. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.1% in December 2021 to 3.455 in January. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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