Should I buy new construction or resale in New York?

It's a good time to consider new construction because there are fewer new homes coming onto the market in the New York area right now, while overall inventory is up slightly. This means new construction might face less competition from other new builds, and you'll have more options if you're looking at existing homes. New listings are down 4.5% compared to last year. This suggests that fewer brand-new homes are being put up for sale, which could make new construction properties feel more exclusive or in-demand. However, the total number of homes for sale is up 2.9% from last year, with 37,898 active listings. This increase in overall choices means you have more existing homes to look at, which could offer different benefits like established neighborhoods or unique character. The average home price is $1,542,780, showing a slight increase of 0.3% over the past year. Meanwhile, the median price is $772,250, down 0.4% year-over-year. This mixed picture suggests that while some homes are getting more expensive, others are seeing small price drops. Homes are selling a bit faster, staying on the market for 53 days, which is 2.8% less time than last year. Even with prices fluctuating and homes selling quicker, fewer new homes being listed could make new construction a compelling choice for you.