September 25, 2020
Pending sales in Brooklyn increased 38.7% last month from a year ago, with 735 homes going into contract, StreetEasy reported Thursday. The only time pending sales were higher in the borough was in March 2019.
For its August metrics, Brooklyn was the clear outlier of all boroughs analyzed. In Manhattan and Queens, the number of homes that went into contract fell year over year by 6.0% and 4.3%, respectively.
“The striking surge in new deals in Brooklyn is one of the first optimistic indicators for the city’s sales market, and suggests that contrary to popular belief, many are making the commitment to live in the city for the long term,” said StreetEasy economist Nancy Wu.
She noted that Manhattan’s recovery has been slower. “Buyers looking to take advantage of the low mortgage rates and stay in the city are prioritizing space and affordability over living close to their offices.”
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