CAPITAL REGION, N.Y. — The Capital Region’s 2022 real estate market was a year of ups and downs, according to a recent report from the Greater Capital Association of Realtors.
The trade association report said the year’s ups included interest rates, inflation and sales prices while the downs were inventory, housing affordability and time on market.
Higher mortgage rates are impacting prospective sellers, many of whom are in homes with the atypical low mortgage rates of 2019 to 2021, and may be considering waiting out the cool weather and market to make a move.
As a result, the region’s inventory of homes for sale at the end of December was 1,733 units, a 16% decline from December 2021, the report said.
Unsold inventory sits at a lower number than November, but rose slightly above December 2021.
Home sales decreased by 3.6% comparing November to December 2022, yielding a year-over-year 28% decline to 932 in closed sales, down from 1,296 in December 2021.
“The reduction in pending sales last month was not unexpected – it’s a seasonal occurrence. Most people prefer not to move in December. Still, there were about 7,000 showings last month,” Greater Capital Association of Realtors CEO Laura Burns said in a press release.
Prices were up compared to the same time in the previous year. The median sales price in December 2022 was $274,000, an increase of 7.5% from December 2021.
“Home prices nationwide are still positive, though mildly,” National Association of Realtors chief economist Lawrence Yun said in the release. “Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year.”
The percentage of original list prices received at sale was down in comparison to the year before though still high at 97.5%.
Buyers, the report said, should consider the current rate of approximately 6% for a 30-year fixed-rate mortgage is still well below the historical average of about 8%.
More information from this most recent report and about the Greater Capital Association of Realtors can be found online at gcar.com.
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