Syracuse Home Sales

Home prices in Central New York climbed again in May, even as the number of homes sold dropped by more than a quarter compared to last year.

Housing costs in Central New York continue to rise, with prices up 10% from last year. While new listings are increasing, sales are slowing as affordability becomes a growing concern.

According to the Greater Syracuse Association of Realtors, average home prices in Central New York climbed 14% to $229,000 in January, even as sales dropped by 7% and inventory increased by 28% due to fewer new listings.

Existing home sales were up nationally in July and Central New Yorkers are likely shopping around because of low interest rates. Mortgage loan…