The Stats Don’t Lie: NY’s Housing Markets Are Cooling

I think the following raises some excellent points about NY’s housing markets. I’ve included a few of the highlights for you to get the gist of the article:

"New York City’s post-lockdown real estate bonanza is over.

Pick a category, and contract signings were down last month. Manhattan co-ops? Down 30 percent from a year ago. Manhattan condos? Down 29 percent.

Brooklyn condos, co-ops and single-family homes? All down.

Long Island single-families? Long Island condos? Hamptons single-families? Down, down, down.

New signed contracts for Manhattan co-ops fell across all price points down to a total of 524 last month from 748 in June 2021. The number of Manhattan home sales overall, and the prices of those sales, were strong for the second quarter, but those closings reflect contracts signed last winter and early this spring.

Signed contracts do not always turn into sales, but their numbers reflect a more current snapshot of the market.

New listings of Manhattan co-ops were down 2.8 percent year-over-year, to 858, almost entirely because sub-$500,000 listings fell 18.5 percent to 141. That’s likely a result of price appreciation more than anything. The changes in listings at other price points were not statistically significant."

What do you think? Maybe you’d like to read on? Check out the full version here then give me a call at 646-494-4353 or send an email at [email protected] to discuss how this might impact your own business.