Increase in sales an indicator of strengthening NYC housing market
Pending home sales in Manhattan surged in April, reaching their highest levels since the first half of 2015.
According to a StreetEasy report, pending sales in Manhattan increased by 26.6% from last year – an indicator that the New York City housing market may be strengthening. The report also showed that home prices in Manhattan dropped in the first quarter of this year, with the Manhattan Price Index falling to $1,105,595, down 5.2% from last year and the largest drop since the 2008 financial crisis.
While more homes went into contract, the report revealed that 9.6% fewer homes were listed for sale in Manhattan this April compared to last year.
“While many sellers are still struggling to attract a buyer, April brought some good news to those who have feared a continued slide in the sales market,” says said Grant Long, senior economist at StreetEasy. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so. Those still struggling to find the right buyer should take this as a sign to revisit their pricing expectations. Buyers are out there, but with most of the bargaining power in their hands, they’re going to continue to hold out for more reasonable prices.”
