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Housing

New York Home Prices Hit Historic Highs in July

Strategic Insights

— 1 min read

As the New York State Association of REALTORS released their latest housing report, it revealed that the median price of homes for sale across the state reached a record-breaking $451,000 in July. This represents a 4.9 percent increase from the same month in 2024, when the median home sales price was $430,000. This marks the highest monthly median sales price since records began. Meanwhile, housing inventory statewide improved for the fifth consecutive month, with a 5.1 percent increase in available homes.

Key Takeaways:

  • The median home sales price in New York State reached a record high of $451,000 in July, representing a 4.9 percent increase from July 2024.
  • The median home sales price has not decreased in year-over-year comparisons since July 2023.
  • New York's housing inventory climbed 5.1 percent in July, to 31,065 units on the market, marking five consecutive months of increasing inventory.
  • New home listings rose 6.0 percent in July, from 13,684 listings in July 2024 to 14,511 new homes on the market.
  • Closed sales declined by 2.3 percent in July 2025, from 10,286 homes last year to 10,046 homes sold.
  • Pending sales fell 0.7 percent in July 2025, from 10,629 sales in July 2024 to 10,553 pending sales.
  • Rates on a 30-year fixed-rate mortgage dipped to 6.72 percent in July, a slight decline from 6.82 percent in June.

Statistics:

  • Median home sales price: $451,000 (July 2025)
  • Increase from July 2024: 4.9 percent
  • Highest monthly median sales price since records began
  • Housing inventory increase: 5.1 percent in July
  • Increase in new home listings: 6.0 percent in July
  • Decrease in closed sales: 2.3 percent in July
  • Decrease in pending sales: 0.7 percent in July
  • Average 30-year fixed-rate mortgage rate: 6.72 percent (July 2025)
  • Average 30-year fixed-rate mortgage rate in July 2024: 3.84 percent

Sources:

  • New York State Association of REALTORS (nysar.com/industry-resources/market-data)
  • Freddie Mac (no date specified)
  • New York State Association of REALTORS (nysar.com)
  • Townhomes, condominiums, and existing single-family homes (nysar.com/industry-resources/market-data)

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