In August, home prices fell slightly from the month before, with a median listing price of $1,440,000.
The number of listings on the market shrank 11.1% from last month, which is a bigger decrease than normal for this time of the year in New York City, and homes are also selling at the same pace as the same time last year.
Home prices in New York City
Typically, home price per square foot in New York City tend to fall in August. But the most recent data shows that the price per square foot increased by 0.3% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in the Big Apple are outpacing the national market.
New York City inventory
In August, there were 5,981 homes for sale in New York City, which was 11.1% less than the month before and practically unchanged from the same time last year.
Meanwhile, active inventory across the nation fell by 0.4% from last month to 1,098,681.
The number of new listings in New York City was 836, which was 32.1% less than the month before and 0.9% less than the same time last year.
Nationally, the number of new listings fell by 7.5% from last month to 402,268.
Time on market
Homes in New York City take an average of 93 days to sell, according to August figures.
This is 12 days more than the previous month and the same as the same month last year.
For comparison, nationally homes spent an average of 60 days on the market in August.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in New York, NY.