New York’s housing market wrapped up 2025 on a positive note with both closed and pending sales finishing the year ahead of last December, while home prices continued their steady climb across the state, according to the housing report released today by the New York State Association of REALTORS®.

Closed sales rose modestly in December, increasing from 9,416 homes sold in December 2024 to 9,649 sales recorded last month. This represents a 2.5 percent year-over-year gain. Pending sales also moved higher, rising 2.1 percent from 6,214 homes under contract one year ago to 9,649 in December 2025. New listings, however, edged lower, slipping 1.3 percent from 5,974 in December 2024 to 5,899 this past month.

Home prices continued their steady upward trend, extending a streak of 29 consecutive months of rising values. The median sales price increased 4.2 percent year-over-year, reaching $440,000 in December, compared to $412,000 in December 2024.

Inventory tightened slightly as the year came to a close, declining 2.4 percent from 23,978 homes on the market in December 2024 to 23,405 available properties last month. This marked the first monthly drop in housing supply since February.

There was some welcome news for buyers on the financing front. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage dipped to 6.19 percent in December 2025, down from 6.24 percent in November and well below the 6.72 percent average recorded in December 2024.