New York home sales drop, despite inventory growth in May

Albany, NY – June 23, 2025 – Despite housing inventory across New York rising for the third consecutive month, home sales fell over 10 percent in May, according to the housing report released today by the New York State Association of REALTORS®.

Closed home sales in the Empire State dropped 10.9 percent, from 8,807 sales in May 2024 to 7,846 homes just last month. Pending sales were also declining, slipping from 10,421 homes in 2024 to 10,279 units in May 2025. This marks a slight 1.4 percent decline in year-over-year comparisons. New listings were up in May, rising to 15,745 units on the market. This represents a 3.0 percent increase from the 15,279 listings available in May 2024.

Inventory of homes rose 3.6 percent statewide in May, from 27,806 houses in May 2024 to 28,810 available last month.

Mortgage rates remained relatively unchanged throughout May, settling in at an average monthly rate on a 30-year fixed-rate mortgage of 6.82 percent, according to Freddie Mac. For comparison, last May interest rates were higher, averaging out to 7.06 percent.

Median sales prices in New York rose 3.8 percent in May, from $420,000 in May 2024 to $436,000 in 2025. This marks 22 consecutive months median sales prices have risen month-over-month.