Inventory continues to be a challenge for the Central New York housing market. Below is an interactive chart showing 3 years of inventory for resale homes available in the several local school districts (North Syracuse/CNY, Liverpool, Baldwinsville, and East Syracuse-Minoa). Hover over the graph lines to see the inventory by month. When inventory remains this low prices tend to increase creating a “sellers” market. Data obtained from Central New York Information Service (CNYIS) the MLS of the Greater Syracuse Association of REALTORS of which we are Members.
A shift is occurring in many housing markets. Affordability may be prompting more potential buyers to pause due to rising mortgage rates over the last few weeks, and home sellers are now facing more competition. Homeowners may no longer be able to expect the quick sale they’ve seen their neighbors get in the past.
The number of For Sale signs is starting to increase across the country. Unsold inventory is at a 4.4-month supply at the current sales pace. Inventories were at 1.88 million in September, up slightly from 1.86 million a year ago, according to the National Association of REALTORS®’ latest housing report, released Friday.
“There is a clear shift in the market with another month of rising inventory on a year-over-year basis, though seasonal factors are leading to a third straight month of declining inventory,” says Lawrence Yun, NAR’s chief economist. “Homes will take a bit longer to sell compared to the super-heated fast pace that we saw earlier this year.” Source: National Association of REALTORS (NAR) of which we are Members.