How is the New York housing market doing?

The New York-Newark-Jersey City housing market is seeing prices come down slightly, with homes selling a bit faster than last year. There are also more homes available for sale, giving buyers more choices. The typical home is listed for $775,000, which is down 2.5% from last year. Even with more homes on the market, almost one in ten listings, or 9.3%, had a price cut. Buyers have more options now, as there are 4.2% more active listings than last year. Sellers are also putting more homes on the market, with new listings up 5.3%. Homes are selling a little quicker, with the typical home spending 42 days on the market. That's about 6.7% faster than a year ago. However, the number of homes going under contract has dropped by 18% compared to last year. If you're buying, you have a better selection and homes are selling slightly faster, but prices are a bit lower than last year. If you're selling, pricing your home well from the start is important given the increase in available homes.