April brought continued economic uncertainty across the country, with rising mortgage rates and affordability concerns shaping real estate activity across both the Capital Region and New York state. Yet despite those pressures, the local housing market continued to show resilience, with buyers remaining active even as inventory stayed tight.
Mortgage rates climbed for five consecutive weeks during April, reaching a seven-month high and averaging 6.33% for a 30-year fixed loan, according to Freddie Mac. Rates have continued to edge higher since then, with Freddie Mac’s latest Primary Mortgage Market Survey showing the average 30-year fixed mortgage rate at 6.51% as of May 26.
In the Capital Region, buyer demand held steady last month. Pending sales rose 3.3% year over year to 944 transactions, marking the third straight month of annual gains, while closed sales increased 4.1% to 717 homes sold. Buyers also continued moving quickly, with days on market increasing by just three days compared to those in April 2025, from 37 to 40 days…