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New York’s Struggling Housing Market

The New York State Association of Realtors revealed the median-sales price rose for 43rd consecutive month in July to nearly $300,000, as sales are struggling to keep up.

Average-sales prices rose to $299,950, which is a 7.1% year-over-year increase. 

“With an economy growing slower than the prices of homes, it is still leaving buyers struggling with affordability in some markets,” the report states. “The good news for home buyers continues to be interest rates.In July, a 30-year fixed mortgage rate fell to 3.77%, according to Freddie Mac."

Pending sales rose 5% to 13,555 and are 1.7% higher than last year’s pace of 82,499 unites. Sales that closed dropped 2.11% to 12,733 houses, and new listings saw a year-over-year increase of 1%.

How long a house stays on the market has not changed since July 2018 at 63 days, but monthly inventory fell 1.5% to 6.5 months. 

Median-sales prices in New York have been on a steady climb since 2016, as prices have grown from $247,500 to $299,950 in July 2019. 

New York isn’t the only state to be experiencing rising home prices. The Federal Housing Finance Agency’ (FHFA) latest price index showed house prices in Q2 2019 increase 1% and had a year-over-year growth of 5%. 

Prices have risen for 32 consecutive quarters and in every state. Idaho had the highest appreciation of 11.4%, and was followed by Utah (7.7%); Tennessee (7.2%); Georgia (6.9%); and Arizona (6.9%). 

Delaware had the smallest annual appreciation at 1.2%. The last time home prices depreciated during the second quarter of a year was in 2011 when prices fell 5.6%. 

The FHFA reported, however, that the price-growth from 2018-2019 in the New England region is just 3.6%, compared to 5.2% from 2017-2018.

New York came in at No. 37 for annual appreciation across the nation. Home prices in New York have grown by 24% over the past five years.  

Also, Property Club reported that Manhattan has 17 of the 20 most-expensive zip codes in New York City, ranging from $4.1 million to $1.65 million. 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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