In July, home prices fell substantially from the month before, with a median listing price of $1,452,500.
The number of listings on the market shrank 5.3% 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 close to 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 July. And the most recent data shows that the price per square foot decreased by 0.1% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.9%, which means price changes in the Big Apple are smaller the national market.
New York City inventory
In July, there were 6,731 homes for sale in New York City, which was 5.3% less than the month before and 1.5% more than the same time last year.
Meanwhile, active inventory across the nation rose by 1.9% from last month to 1,102,787.
Time on market
Homes in New York City take an average of 81 days to sell, according to July figures.
This is 11 days more than the previous month and one day more than the same month last year.
For comparison, nationally homes spent an average of 58 days on the market in July.
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.