New York Housing Inventory Extends 15-Month Climb in May

New York's housing market continued to shift in May as inventory rose for the fifteenth consecutive month, giving buyers more options heading into the summer season. According to the New York State Association of REALTORS®, housing inventory climbed 3.2 percent year over year, increasing from 29,540 homes in May 2025 to 30,489 in May 2026.

Buyer activity also strengthened. Pending sales rose 5.6 percent, from 10,346 homes under contract last May to 10,922 this year, signaling that demand remains active even as affordability challenges persist. At the same time, new listings were essentially flat, inching up just 0.1 percent from 15,794 to 15,806.

While more homes are becoming available, not every indicator moved higher. Closed sales declined 11.6 percent, falling from 8,099 in May 2025 to 7,156 this May. Even so, home values continued their steady climb, with the median sales price rising 3.4 percent to $444,510, up from $430,000 a year earlier.

Mortgage rates were mixed in May. Freddie Mac reported that the average rate on a 30-year fixed mortgage reached 6.44 percent, slightly above the 6.33 percent rate recorded a month earlier but below the 6.82 percent average from May 2025. That combination of modestly improved borrowing conditions and growing inventory may help fuel buyer interest as the summer market unfolds.

Taken together, the latest data suggests a market that is becoming more balanced. Buyers have more choices, sellers continue to see price strength, and pending sales are rising as the seasonal market gains momentum.