Are home prices going up or down in New York?

Home prices in the New York-Newark-Jersey City area are currently seeing a slight decrease. Both median and average listing prices have fallen recently and compared to a year ago. The median listing price right now is $749,000. This is 3.0% lower than the previous month and 1.5% lower than the same time last year. Similarly, the average listing price, which is $1,456,869, has dropped by 4.3% over the past year. Homes are spending a bit less time on the market. The median days on market is 56 days, which is 3.5% faster than a year ago. However, fewer homes are going under contract, with the pending ratio down 17.3% over the past year. There are more homes for sale compared to a year ago, with active listings up 3.2%, totaling 36,676. New listings, however, are slightly down by 1.7% over the past year. This indicates a bit more choice for buyers but fewer new options coming onto the market. The share of homes that have had a price reduction is 10.2%, which is 2.3% higher than last year. This suggests that some sellers are adjusting their prices to meet market expectations. For someone looking to buy, the slight price dips and increased inventory might offer a bit more leverage. For sellers, pricing strategically and being prepared for potential adjustments could be key.