The median sales price for residential properties in New York has decreased and is now closed.

For the past month of February, OneKey MLS announced that it observed in New York a regional average closed residential sale price of 550 thousand dollars, which represents a 4.40% decrease compared to the $575,000 reported in January 2023.

Between January and February of this year, closed regional sales transactions, including residential, condo and cooperative sales, decreased to 2,988 from 3,621, representing a change of -17.50%. Across the region, pending sales transactions increased on a month-over-month comparison, reaching 3,974 in February23.30% more pending transactions than the three thousand 224 reported in January.

Three of the nine counties that make up the MLS regional coverage area reported an increase in median closed sales price on a month-over-month comparison, while six counties reported a decrease in median sales price. counties of Sullivan (+12.00%), Putnam (+1.20%) and Suffolk (+0.70%) reported month-over-month increases in median closed sales price. Rockland (-2.60%), Bronx (-3.00%), Nassau (-3.00%), Orange (-3.30%), Queens (-9.60%), and Westchester (-12.10%) counties reported month-over-month decreases in closed average sale price.

“The pandemic-induced market conditions of 2020, 2021 and 2022 were extraordinary and price appreciation in our region was pronounced. Now that home prices are beginning to decline, we must remember to look at the market numbers in the context of those unusual circumstances,” said Richard Haggerty, CEO of OneKey MLS.

Haggerty remains optimistic that the spring market will be active, but expect a delayed start as people wait to see the dust settle around the latest headlines, inflation and mortgage rates.

New York residential median sales price rises slightly