New York State recorded in February its lowest level of homes for sale since 1997, with only 22,366 properties available, marking a 3.9% decline compared to the previous year. Closed sales also dropped by 10.8%, falling from 8,061 to 7,673 homes, while pending contracts decreased by 8%, from 6,707 to 6,169 homes. Meanwhile, the median home price remained unchanged at $425,000.
Ron Garafalo, President of the New York State Association of Realtors, called on the government to accelerate the removal of obstacles and increase housing construction, noting that inventory continues to show a persistent slowdown.
At the national level, housing inventory posted a slight increase, but conditions remain unstable as mortgage rates rose to 6.22% due to global economic pressures.
A recent report on the U.S. housing market gave New York State an F rating, citing restrictive zoning laws, high costs, and slow permitting processes that hinder the availability of affordable housing. Kathy Hochul has attempted for years to improve the situation, but reforms have stalled in the legislature. The state needs to build 800,000 new homes over the next decade to meet demand.
Hochul noted that updating regulations would encourage more housing construction, while criticizing environmental review procedures for increasing development costs and slowing building activity. In a meeting with local leaders, she emphasized the importance of boosting supply to curb rising prices, while also pointing to the widespread “Not In My Backyard” (NIMBY) phenomenon across the state.
