Updated: August 1st, 2025

   July report

   New home listings saw a healthy boost, rising 5.9% from 14,150 listings last June to 14,985 homes on the market in June 2025. Pending sales were up from 10,327 sales in June 2024 to 10,642 homes last month. This represents a 3.1% increase in year-over-year comparisons. Closed sales, however, did tick slightly lower, falling 1.3% from 8,996 sales in June 2024 to 8,879 homes in June 2025.

   Mortgage rates gradually declined throughout June, ending the month with an average 30-year fixed-rate of 6.82% according to Freddie Mac. That’s a modest improvement compared to the same time last year when rates averaged 6.92%. Home prices continued their upward trajectory for the twenty third straight month. The median sales price of a home in June 2025 was $448,115, up 1.8% from the $440,000 price tag in June 2024.

How “good cause eviction” is raising New Yorkers’ rents

Renters residing in New York City and municipalities that have adopted “good cause” eviction, which NYSAR strongly opposed, are likely facing higher rent increases now due to the law. The average monthly CPI for the NY/NJ/PA area increased by roughly 3.8% in 2023 and again in 2024. Following enactment of the state “good cause” eviction law, which imposes rent increase restrictions in New York City and other municipalities that have opted into the law, the maximum rent increase currently sits at around 8.8% in New York City. Building owners and landlords are now more likely to set rent increases at the 8.8% provided to them, where they may have not increased rents at all. Unfortunately, New York tenants covered by “good cause” eviction will end up paying more than if the law had not passed.