Is New York a seller's market right now?

Right now, sellers in New York are seeing some positive signs, but the market isn't strongly favoring them. While home prices are up slightly, there are more homes available for sale. This means buyers have more choices, which can create a more balanced situation. The median price for a home in New York is $792,000, which is a small increase of 0.7% from last year. This shows that prices are holding steady rather than surging, which is good news for potential sellers looking for stability. There are 38,910 homes on the market right now, which is 4.8% more than last year. Plus, 22,704 new listings came on the market recently, a much bigger jump of 28.2% compared to last year. More homes for sale means buyers have more options, which can make it harder for sellers to get top dollar. Homes are selling a bit faster than last year, with the typical home staying on the market for 47 days. This is 4.1% quicker than a year ago. A faster pace of sales suggests there's still demand from buyers. Even with more homes available, buyers are still engaging, as there are 20,066 pending listings. However, the pending ratio, which compares pending sales to active listings, is 0.52, down 17.6% from last year. This lower ratio suggests that while homes are still going under contract, the overall pace of new contracts isn