NYC Real Estate Snapshot Update
Market Updates for the U.S. show that listings are up from last year although there is a sight decline from last month. Prices for these listings have also gone up across the U.S. with a big leap from last month, according to realtor.
Jonathan Smoke, chief economist of realtor.com, says:
“Our full read on April inventory and activity on realtor.com clearly show a robust buying season has fully bloomed this spring. Close to 550,000 new listings came onto the market in April, which helped total inventory grow 3 percent over March. However, since the median age of inventory fell again by 7 days after falling a whopping 22 days in March, we know that sales are picking up faster than inventory. As a result we have 3 percent fewer homes available for sale compared to last year and homes stay on the market 6 fewer days. Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade.”
Data from New York and the U.S. show that the age of listings are decreasing by large percentages. This is indicative of higher prices affecting the buyer population all over the U.S. There is a strong buyer's market that's fueling a rapid takeover in single family homes. As we approach a true seller's market here in New York City, where properly priced listings are moving faster and faster, it is easy to see where these numbers came from.