March 2025- Prices Moved Higher

Queensbury, NY- U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.

New Listings were down 4.1 percent to 376. Pending Sales decreased 2.6 percent to 298. Inventory grew 0.3 percent to 684 units.

Prices moved higher as the Median Sales Price was up 14.9 percent to $397,500. Days on Market increased 12.5 percent to 45 days. Months Supply of Inventory remained flat at 2.1.

Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.

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.