How is the New York housing market doing?

The New York market shows a slight dip in prices right now, but homes are selling a bit faster than last year. There are more homes available than a year ago, which is good news for shoppers. It's a market with some shifts happening. Looking at prices, the median listing price is $749,000. This is a bit lower than last month, down 3.0%, and also slightly less than a year ago, down 1.5%. The average listing price is even lower year-over-year, down 4.3% to $1,456,869, and the median price per square foot is $490, a slight decrease of 0.5% from last year. On the inventory side, there are currently 36,676 active listings, which is 3.2% more than last year. However, the number of new homes put on the market is slightly down, with 12,992 new listings, a 1.7% decrease from last year. This means while more homes are available overall, fewer new ones are arriving. Homes are generally spending less time on the market. The median days on market is 56, which is 3.5% quicker than last year. Also, 10.2% of listings have had a price reduction, which is a small increase of 2.3% compared to last year, suggesting some sellers are adjusting their expectations. For anyone looking to buy or sell, these numbers suggest prices have softened a bit, and homes are moving more quickly. Buyers have more choices, but they might also see some room to negotiate on price, especially with more price reductions happening.