Is New York inventory rising or falling?

Inventory in the New York area is currently rising. There are more homes available now compared to this time last year. The number of active listings has gone up by 6.3% over the past year, reaching 38,158 homes for sale. This means home shoppers have more options to choose from as more properties are on the market. However, fewer new homes are being put up for sale. New listings are down by 4.6% compared to the same time last year, with 15,952 new homes hitting the market in the most recent month. While overall inventory is up, the pace of new homes coming on is slower. Even with more choices, homes are selling a bit faster than last year. The median time a home spends on the market is 56 days, which is 3.5% quicker than a year ago. This suggests that even with more supply, buyers are still engaging. If you're looking to buy, the increase in available homes could give you more choices. If you're selling, be aware of the rising number of listings in the area.