Is New York a good market for real estate investment?

The New York-Newark-Jersey City area shows some mixed signals for real estate right now. While prices are up slightly, the number of homes for sale is also growing quite a bit. This means there are more options for buyers, but homes are still selling for a bit more than last year.The median price for a home in the area is $792,000, which is a small increase of 0.7% compared to last year. On a monthly basis, prices have gone up by 2.2%. This shows homes are holding their value, and even gaining a little.There are 38,910 active listings, which means there are many homes available for sale. This number has gone up by 4.8% over the past year. Even more notable, the number of new homes coming onto the market has jumped by 28.2% in the last year, with 22,704 new listings.Homes are selling a bit faster, too, with the median time on the market now 47 days, down 4.1% from last year. However, fewer homes are going under contract, as the pending ratio has fallen by 17.6% over the past year.About 9.3% of homes have had their prices reduced, which is almost the same as last year. This suggests that while competition might be increasing with more inventory, sellers are still generally sticking to their prices.If you are thinking about buying, there are more homes to choose from, but prices are still heading up. If you are selling, you might find more competition, but homes are still selling relatively quickly.