Are sellers cutting prices in New York?

It looks like sellers in New York are cutting prices, but it's a small number. About 9.3% of homes on the market have had their prices reduced. Even though some sellers are cutting prices, the median listing price is still quite high at $775,000. This price is actually up a little bit from last month, but it's down by 2.5% compared to last year. The number of homes for sale has gone up. There are 37,154 active listings, which is 4.2% more than last year. New homes coming onto the market also increased by 5.3% over the past year, with 17,468 new listings. Homes are selling a bit faster than before, staying on the market for an average of 42 days. This is almost a week less than last year. However, the number of homes going under contract has dropped significantly. The pending ratio is 0.50, which is an 18% decrease from last year. If you're thinking of buying, this suggests you might find some opportunities to negotiate, especially with the higher number of homes available and the dip in pending sales.