NEW YORK, (WENY) -- Home sales across the Empire State dropped this past May compared to the May from 2023. That's according to a new housing reported released on Friday, June 21st by the New York State Association of Realtors.

Closed sales dipped 4.1 percent from 8,826 homes to 8,465 homes, and pending sales were down from 10,981 units in May 2023 to 8,465 homes last month. The represents a 4 percent decrease.

New Listings were actually up 2.1 percent, with 14,957 listings in 2023 compared to 15,265 homes in 2024. But at the same time, inventory of homes across the state continued it's downward trend. There were 26,076 available homes last month, a steep drop of 10.8 percent when compared to the 29,236 homes available in May of 2023.

That inventory crunch has helped median sales prices jump up 8.3 percent from $390,000 in May, 2023 to $422,500 this past May. It's worth noting May 2024 saw mortgage rates go as high as 7.22 percent according to Freddie Mac, a big jump from 6.43 percent compared to the same time last year.

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