Home sales increase in February as inventory drop

NEW YORK » Despite the beginning of the COVID-19 crisis around the country, home sales in New York state rose in February in yearover-year comparisons, while inventory continued to drop according to a housing market report released by the New York State Association of Realtors.

Closed sales statewide inched upwards 1.7 percent to 7,563 from 7,437 units compared to this time last year.

Pending sales jumped 12.8 percent in year-over-year comparisons, soaring to 9,964 homes from 8,836 units in February 2019.

New listings escalated to 14,498 homes - rising 5.6 percent from last year’s mark of 13,728 units.

Median sales prices appreciated once again, climbing over the $300,000 mark to $301,000. This is a 9.1 percent increase over February 2019’s price of $276,000.

The number of homes available continued to be an ongoing issue as inventory dropped 8.9-percent from 62,318 homes a year ago in February to 56,747 last month.

Commitment rates for a 30year fixed mortgage continued to entice homebuyers, falling to 3.47 percent in February, according to the Federal Home Loan Mortgage Corporation, known as Freddie Mac. This is the lowest fixed mortgage rate since October 2016.

All data for this trade association report is compiled from multiple listing services in the state of New York and includes townhomes, condominiums and existing single-family homes.

More information is available online at www.nysar.com.

AP FILE PHOTO A for sale sign hangs in front of a house.