The number of homes for sale across New York state is on the rise, and the tally hit a historic mark last month.
Inventory rose to 30,254 in June, a 3.9% increase from June 2024, according to the New York State Association of Realtors. The figure marks four straight months of inventory growth and the highest count of homes on the market since November 2022, the group said last week in a market report.
"In Orange County, we have seen an uptick in inventory, which is to be expected in the spring market," Ron Garafalo, the group's incoming president, told Homes.com. "However, our inventory levels are still on the low side historically. We are still seeing multiple offers on some, but nowhere near what we had one or two years ago."
New construction feeds listing increase
Some New York real estate agents said inventory is increasing in part because newly constructed homes are coming online. New home listings grew 5.9% in June to 14,985, the state group said.
In Delaware County, northwest of New York City, new construction has led more homeowners to list, said Jacqie Rose, an agent with Coldwell Banker Timberland Properties.
"A proposed new housing development has a waiting list for some of our buyers looking for single-floor, ranch homes," said Rose, the state association's current president. "That allows them to then put their two-story homes on the market, increasing inventory for our first-time homebuyers."
Rose said inventory is still low in the communities where she operates, adding that she has seen "buyers waiting in the wings for new listings."
As of July 29, New York had roughly 42,125 homes on the market, including single-family, condominium units, townhouses, and co-ops, according to Homes.com data. The listings include a six-bedroom Tudor for $1.4 million in New Rochelle, a four-bedroom Georgian Colonial for $1.7 million in Saratoga Springs, and a three-bedroom house for $79,900 in Rochester.
'The uptick in prices has definitely slowed'
New York saw its median home sales price climb to $448,115 in June, a 1.8% increase from a year prior. The state has experienced 23 straight months of home price increases, the realtor group said.
"Prices remain strong, high as they have been," said Garafalo, an agent with John J. Lease in Middletown. "But the uptick in prices has definitely slowed and I would say, leveled off."
Pending home sales rose to 10,642 in June, a 3.1% increase from June 2024, while closed sales fell 1.3% to 8,879.
A couple of reasons could explain why closed sales dipped, at least in the northern Hudson Valley, said Dan Staley, an agent at Staley Real Estate in Rhinebeck.
"Some homes are lingering on the market simply because sellers are unwilling to adjust their prices to match the changing conditions," he told Homes.com. "Sellers who have been holding out are beginning to realize that the market is cooling and adjustments may be necessary."
