January 2025- Closed Sales Increased

Queensbury, NY- U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over year, driven largely by purchases of homes priced $500,000 and above. Month over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.

New Listings were down 4.5 percent to 295. Pending Sales decreased 0.4 percent to 260. Inventory shrank 5.4 percent to 678 units.

Prices moved higher as the Median Sales Price was up 18.2 percent to $390,000. Days on Market increased 7.5 percent to 43 days. Months Supply of Inventory was down 4.5 percent to 2.1 months.

According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.

Residential activity in the counties of Essex, Hamilton, Saratoga, Warren, and Washington is composed of single-family properties, townhomes, and condominiums combined.  Percent changes are calculated using rounded figures.