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New York City's apartment rental market saw a mix of monthly gains and losses in December

NYC Home Sales Rebound to Pre-Pandemic Levels

New York City home-buying in October rose to levels not seen since the spring of 2019, according to StreetEasy, which called the metric “an optimistic indicator for the city’s economic recovery.”

In Manhattan, 993 homes entered into contract, the most in any month since May 2019. Queens had a near-high 455 contracts signed. In Brooklyn, monthly pending sales reached a new high of 824, a record previously broken in March 2019. 

Pent up demand from the pause in home-buying during the COVID-19 pandemic played a major role in the October surge of homebuyers, StreetEasy reported. Favorable interest rates, greater negotiating power, and the proliferation of price cuts also created incentives for would-be buyers.

“Buyers have made a swift comeback since the reopening of the NYC economy this summer, which led to a busy fall home shopping season,” said StreetEasy economist Nancy Wu.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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