June 8, 2017
A shortage of inventory presents a challenge for Manhattan and Brooklyn home shoppers this summer, especially in areas where lower-priced homes are concentrated, according to the April 2017 StreetEasy Market Reports.
“Ongoing job growth and more confidence among first-time buyers has boosted demand for homes, particularly in more affordable areas of the city,” said Grant Long, senior economist for StreetEasy. “Echoing a nationwide trend, low inventory in Manhattan and Brooklyn will continue as the New York City economy remains strong, and will likely push prices higher heading into the summer.”
– Manhattan resale prices hit another record high. The Manhattan median resale price increased 1.3 percent year-over-year to $993,592.
– As prices rose, inventory declined. There were 11% fewer homes for sale in Manhattan than in April 2016.
– Lower-priced inventory fell the most in Manhattan. Sales inventory fell the most in Upper Manhattan, the least expensive Manhattan submarket, with 25% less homes on the market than last year.
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