Spring New York housing market showing signs of bloom in March

Albany, NY – April 24, 2025 – Housing inventory rose slightly across New York for the first time in more than a year, while new listings grew nearly 10 percent in March, fueling optimism for a more active spring housing market, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).

Statewide housing inventory inched up 1.0 percent year-over-year, from 23,828 homes available in March 2024 to 24,067 homes on the market last month.

New listing of homes jumped from 11,377 homes in March 2024 to 12,380 units in March 2025, representing an 8.8 percent increase in year-over-year comparisons. Closed sales were relatively static last month, decreasing 0.6 percent from 6,876 sales last year to 6,838 in March 2025. Pending sales dipped 3.5 percent from 9,043 units last March to 8,726 homes last month.

Mortgage rates remained relatively unchanged week-to-week in March, with the average 30-year fixed rate mortgage settling in at 6.65 percent, according to Freddie Mac. By comparison, rates stood at 6.82 percent a year ago.

Home prices continue to surge, rising 11.8 percent from $380,000 in March 2024 to $425,000 in March 2025. This marks 20 consecutive months of year-over-year price increases.