June 21, 2025
As a New York real estate professional, I’ve been keeping a close eye on the market — and the latest housing report from NYSAR (New York State Association of REALTORS®) confirms what many of us are feeling: the spring market isn’t hitting as hard as we’d hoped.
In April 2025, closed home sales across New York dropped 6.2% compared to the same time last year — from 7,428 units to just under 7,000.
That’s despite more listings hitting the market (up 5.6%) and mortgage rates staying relatively steady at 6.73%, under that crucial 7% threshold for the 14th straight month.
It’s a curious combo: more homes available, interest rates holding, and yet buyers aren’t pulling the trigger like they were last spring. That hesitation could be due to affordability.
The median home price climbed again — now at $425,000 — a 3.7% jump year-over-year. We’ve now seen 21 straight months of price increases statewide.
Pending sales did see a slight bump — up 1% year-over-year — so some activity is brewing under the surface. But sellers hoping for a hot spring market should keep expectations in check.
Inventory levels are slightly higher (up 3.1% YOY), which gives buyers more options and may be cooling the urgency we saw during the pandemic era.
For agents and clients alike, this means being strategic. Sellers: price right and prep your home for maximum appeal.
Buyers: if you’re ready, don’t wait for a perfect market — steady rates and more inventory might be the window you’ve been looking for.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
