The rate of homes sales in Queens has decreased for four consecutive months, falling to the lowest pace of the year in November because there are too few homes on the market, according to a new report.
There were 618 homes sold within the year ending in November, according to the Keller Williams Realty monthly market update, which is down from 711 in October and from 792 in August.
The decreasing sales stem from a dip in inventory, the report said. There are now 4,469 homes available in the borough, a decrease of 21.9 percent from November of last year.
“We are still experiencing tightening in inventory conditions, which is affecting the purchasing options for Queens home buyers,” the report said. “As we move into the cooler months of the year, we will likely begin to see inventory tighten more for the first quarter, but we are hopeful that more inventory will hit the market in 2015 to help stabilize the pace of sales across the county.”
Average home prices are also slightly more expensive from the same month last year with the exception of condos, the report found.
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