Are home prices going up or down in New York?

Home prices in the New York area are slightly higher than last year. The typical home is listed for $792,000, which is a bit more than what homes were listed for a year ago. Looking closer, the median listing price has recently gone up by 2.2% from the previous month, and it's up 0.7% compared to last year. This means that while prices are pretty stable, they have nudged upwards recently. There are also more homes for sale now compared to last year, with active listings up by 4.8%. We're also seeing a lot more brand-new listings, jumping by 28.2% over the past year. This increased supply could help balance out prices. Homes are selling a little faster too, staying on the market for 47 days, which is quicker than last year. However, fewer homes are going under contract compared to last year, with a decrease of 17.6% in the pending ratio. Also, almost one in ten homes (9.3%) have had price drops. For you, this means home values are holding steady but with some upward movement, and there are more options available if you're looking to buy.