Is New York inventory rising or falling?

New listings, or homes put up for sale, have significantly increased in the New York-Newark-Jersey City area recently. In the most recent month, there were 22,704 new listings, which is a big jump compared to the previous year. This means more homes are coming onto the market. However, the total number of homes for sale right now, called active listings, has only gone up slightly. There are 38,910 active listings, which is about 4.8% more than a year ago. It’s also important to look at how many homes are going under contract. Right now, there are 20,066 pending listings. The pending ratio, which compares pending listings to active listings, is 0.52. This is actually a decrease compared to last year. This means fewer homes are going under contract relative to the inventory available. In short, while many new homes are being listed, they are not necessarily being snatched up at the same pace as before. If you are looking to buy, this could mean a bit more choice, but also that homes might sit on the market a little longer. If you are selling, be prepared that there is more competition from other new listings.