Inventory of homes for sale across the state dropped 24%, from 38,082 homes in September to just 28,943 units available last month. Sales also fell 22.5% over the same period, according to the New York State Association of Realtors.

The decrease in home sales can be attributed to a number of factors, including the end of the federal tax credit for home buyers, which expired in April. Additionally, tight lending standards and the uncertain economic outlook have discouraged many would-be buyers from entering the market.

The decrease in home sales has had a ripple effect on the housing market, leading to a slowdown in construction activity and job growth. New home construction in New York state is down 20% from last year, and the number of jobs in the construction sector has also declined.

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