"Supply shrank in February, putting buyers at a disadvantage. Active listings fell 4.2% year-over-year to 5,268 homes, moving in the opposite direction from the national market, where inventory grew 7.9%."
"The median listing price came in at $1,495,000 in February - down 4.9% year-over-year, but nearly 3.7 times the national median of $403,450."
"Only 5.7% of listings carried a price cut, compared to 15.5% nationally, and that share actually shrank from a year ago. Sellers in New York weren't budging."
"The median home spent 94 days on the market - co-op board approvals, complex due diligence, and high-dollar negotiations contributed to the lengthy selling process."
In February, New York City's housing market saw a significant decrease in supply, with active listings down 4.2% year-over-year. Newly listed properties fell 15.7%, contrasting with national trends. The median listing price was $1,495,000, a 4.9% decrease from the previous year, yet still significantly higher than the national median. Only a small percentage of listings experienced price cuts, indicating sellers maintained strong positions. Homes took longer to sell, averaging 94 days on the market, reflecting the complexities of New York's real estate transactions.
Read at SFGATE
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