November 20, 2020
New York City home-buying in October rose to levels not seen since the spring of 2019, according to StreetEasy, which called the metric “an optimistic indicator for the city’s economic recovery.”
In Manhattan, 993 homes entered into contract, the most in any month since May 2019. Queens had a near-high 455 contracts signed. In Brooklyn, monthly pending sales reached a new high of 824, a record previously broken in March 2019.
Pent up demand from the pause in home-buying during the COVID-19 pandemic played a major role in the October surge of homebuyers, StreetEasy reported. Favorable interest rates, greater negotiating power, and the proliferation of price cuts also created incentives for would-be buyers.
“Buyers have made a swift comeback since the reopening of the NYC economy this summer, which led to a busy fall home shopping season,” said StreetEasy economist Nancy Wu.
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