New York Residential Closed Median Sale Price Increases by 3.40% Between May and June, and Year-Over-Year Price Holds Steady

For June 2023, OneKey MLS reported a regional closed median sale price of $612,000, a 3.40% increase as compared to the $592,000 reported in May 2023. In a year-over-year comparison, the closed median sale price held steady, decreasing less than 1.00% from the $615,000 reported in June 2022. Between May 2023 and June 2023, closed regional sales transactions, including residential, condo, and co-op sales, increased to 4,747 from 4,063, representing a month-over-month increase of 16.80%. Across the region, pending sales transactions decreased slightly by 1.30% in a month-over-month comparison, reported 5,355 in June 2023 as compared to the 5,424 reported in May 2023. 

Six of nine counties reported an increased closed median sale price in a month-over-month comparison, while three counties reported a decreased median sale price. Westchester (+14.10%), Orange (+9.50%), Sullivan (+6.30%), Nassau (+4.50%), Suffolk (+3.60%), and Rockland (+0.40%) Counties reported month-over-month increased in closed median sale price. Queens (-15.0%), Putnam (-3.90%) and Bronx (-7.20%) Counties reported month-over-month decreases in closed median sale price. 

Pointing to the slowing rate of inflation, Richard Haggerty, CEO of OneKey MLS, said, "This may be an early sign that we will begin to see mortgage rates decrease in the next several months. Lower interest rates could be a catalyst that boosts market activity, prompting more sellers to list their homes, especially as price increases have softened." 

To access additional market reports in your area, please visit https://www.onekeymlsny.com/market-statistics or feel free to use the OneKey® MLS Market Report Generating Tools available with your subscription.

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