New York state had just 22,366 homes for sale in February, the lowest number since the New York State Association of Realtors® began tracking the data in 1997.
The numbers represent a 3.9% decrease from the 23,266 homes available in February 2025. And the slow inventory comes as the number of closed sales declines 10.8%, from 8,061 homes sold in February 2025 to 7,673 last month, NYSAR said.
Homes under contract fell 8% in that time, 6,707 to 6,169 year over year. The home prices changed little, with a median of $425,000. The data portends more sluggishness, with new listings falling 3.9% from 6,103 to 5,867 year over year.
“We appreciate New York state’s commitment to expanding housing opportunities, but the latest data makes clear that the shortage isn’t improving fast enough and demands more immediate action,” NYSAR President Ron Garafalo said. “We respectfully urge the Legislature and Governor Hochul to accelerate efforts to remove barriers and help facilitate increased housing production across the state.”
The numbers represent a 3.9% decrease from the 23,266 homes available in February 2025. contentzilla – stock.adobe.com
Inventory nationwide has expanded slightly. But the year ahead could see choppy waters. Mortgage rates jumped as U.S. military operations in Iran prompted economic woes. The average rate for a 30-year fixed home loan is 6.22% as of March 19, according to Freddie Mac.
More reforms on the table
The Realtor.com® State-by-State Housing Report Card gave the Empire State an F, the lowest rating possible. Restrictive zoning, high costs, and sluggish permitting hamstring its meaningful progress toward affordability.
Gov. Kathy Hochul pushed housing attainability for several years, but major reforms have been stymied in the state legislature. The state estimates it needs 800,000 new homes in the next 10 years to meet rising demand.
The data portends more sluggishness, with new listings falling 3.9% from 6,103 to 5,867 year over year. William – stock.adobe.com
The average rate for a 30-year fixed home loan is 6.22% as of March 19, according to Freddie Mac. Andy Dean – stock.adobe.com
In a roundtable Monday, Hochul said updating outdated laws will encourage more housing construction. She’s pushing reforms to the State Environmental Quality Review Act, which directs governments to examine social and environmental impacts of development.
She blamed these reviews for driving up development costs statewide, and slowing the pace of homebuilding. Several local leaders with Hochul said at the roundtable that regulations are making it harder to build housing that keeps pace with demand.
“My belief is if you build more, we have more supply, naturally it will suppress prices from going up,” Hochul said. “Sometimes they stabilize and in some communities they actually go down. That is our objective here.”
But Hochul also said NIMBYism—or “Not in My Backyard” resistance to development wholesale—is “rather rampant in our state.”