Sales of homes across New York dipped once again in October.

That’s according to the housing report released Wednesday by the New York State Association of REALTORS® and comes as interest rates inched closer to 8%.

Interest rates peaked in October at 7.79% on a 30-year fixed-rate mortgage, according to Freddie Mac – finishing the month averaging 7.62%. That number is up from the 7.2% average last month.

For the 26th consecutive month, closed sales fell in year over year comparisons from 11,298 homes in October 2022 to 9,733 units last month, representing a 13.9% decrease.

That said, pending sales went up slightly, increasing 3.5% to 9,693 homes. That number is up from 9,364 homes last October. New listings remained similar from a year ago, dropping 0.1% from 12,440 listings to 12,423 this year.

Inventory of homes for sale across New York also decreased in October from 37,275 homes available in 2022 to 29,316 units in October 2023. This is a decline of 21.4% in year-over-year comparisons.

Meanwhile, the median sales price of homes jumped 4.5% in October from $359,000 in 2022 to $375,000 in 2023.