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NYC’s Home Sales Market Reverses Months-Long Slide
Pending home sales spiked citywide in April, especially in Manhattan, where they jumped 26.6% year over year, StreetEasy reported. Although accompanied by continuing price declines in both Manhattan and Brooklyn, it was encouraging news for both individual sellers and developers of for-sale product.
“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,” said StreetEasy senior economist Grant Long. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so.”
Meanwhile, though, the relative softness in the for-sale market has also been a boon for rental apartments. StreetEasy’s most recent report on the rental market found that asking rents citywide rose to record highs in the first quarter.
As rents rose, landlords were less likely to offer markdowns, StreetEasy reported.
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- ◦Economy
- ◦Sale/Acquisition
