Queens NY Interest Rates
Interest rates this month changed very little from last month, with rates at or around 3.54% for a 30-year mortgage. “In the history of mortgage interest rates since 1971,” states Gary Thomas, “the 30-year fixed rate has been below 4% in only 15 months, and those have all been in the past 15 months.”
Queens NY Home Sales
Home sales in March were up 6.2% from last month and down 13.2% from last year. Residential Home Sales were down 22.1% from last year while Condo Sales were down 3.3%, and Coop home sales were up 2.6%. So, Residential sales were down significantly while condo sales remained steady, and coop sales are still a popular housing choice among queens ny home buyers.
Queens NY Home Prices
The current median home price rose in March to a seasonally adjusted $356,000, which is up 7.9% from last month and up 4.7% year over year. March marks the ninth month of year-over-year price gains in the last 12 months. A sign that the shrinking inventory is putting pressure on home prices to go up. Residential, Condo, and Coop home prices are up year-over-year.
Queens NY Housing Inventory
Housing inventory levels increased .3% to 6,373 existing homes for sale, which represents a 9.7-month supply, still a buyer’s market in general, but of course every neighborhood is different. There are actually neighborhoods that are in a seller’s market which means that some seller’s are in a great position to sell. Inventory is down 25.7% year over year, when there was a much higher supply of homes. This is a strong sign that the market is headed towards a balanced market, however, historically balanced markets never last more than 6 months.