Home Real Estate Fewer homes for sale, median prices still up

Fewer homes for sale, median prices still up

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The spring is a historically busy time for real estate, but after a red-hot housing market for more than two years, the 2022 buying season is shaping up to be less about volume as record low inventory continues.

In Putnam, Dutchess, Orange and Ulster counties, inventory is at new lows, with each county recording fewer than two months’ worth of inventory at the conclusion of the first quarter this year, according to the Hudson Gateway Association of Realtors (HGAR). This means that if no new homes were listed for sale, the available homes on the market would sell out in less than two months.

Simultaneously, mortgage interest rates are rising to their highest point in 12 years — although rates are still relatively low historically speaking, said finance company NextAdvisor. The average 30-year fixed mortgage rate is 5.49 percent, and the 15-year fixed mortgage rate is 4.70 percent, as of April 26.

“The demand is…

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