Home sales continue to fall due to fluctuating interest rates, low inventory
Written by Site Hub on May 22, 2023
ROCHESTER, N.Y. (WROC) — With interest rates continuing to be in flux and inventory of homes reaching record lows, closed sales across New York have continued to fall, a recent housing report from the New York State Association of Realtors says.
In Monroe County, closed sales have decreased 24.6% from 2022 to 2023, with 399 closed sales this past April. 671 new homes have been listed in 2023, which is a 21.2% decrease from 2022.
The median sales price of a home in April 2023 increased by 5.3% to $225,500, according to NYSAR’s report. There were 14 fewer homes available than there were in April 2022, a 3% decrease.
Genesee County follows the trend with a 23.5% decrease of closed sales in 2023. There has also been a decrease in new listings in April 2023 in the county, from 50 to 30 new listings.
The reported median sales price for a home in Genesee County in April 2023 was $139,500, which is down from last year’s $177,450.
Wayne County sees a significant decrease in the amount of closed sales, with 39. This is a 38.1% decrease. The number of closed sales in April 2022 was 63.
On the flipside, Wayne County’s median sales price for a home is up 16.7%, at $210,000. There are 31 homes for sale in Wayne County for April 2023, according to NYSAR.
Across the state, Ontario County saw the biggest increase for the median sale price of a home, 54.8%, at $325,000. There were also 37.9% fewer sales closed in April 2023 than last year, at 54 homes sold.
Livingston County saw increases across the board in new listings, closed sales, and the median sales price of a home. The median sales price for a home is $160,500, up $20,500 from a report from this time last year.
11 more sales were closed in Livingston County in April 2023, at 30, a 57.9% increase. There were also 31.3% more new listings for homes in the county.
Statewide, houses are seeing four more days on the market according to NYSAR, which is a 6.3% increase since 2022.
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