Spring in New York usually brings a busy home-buying season, but in May 2022, it doesn’t look like many locals were walking the usual spring.
up to date Report from Douglas Elliman Show Inventories and rising mortgage rates have slowed Manhattan and Brooklyn activity. (The report is extensive, including data from parts of Long Island, Westchester, and Connecticut, but does not include aggregates from the other three provinces in the city.)
In Manhattan, the number of newly signed co-operative contracts decreased by 6.9% year-on-year, from 721 in May 2021 to 671 in May 2021. Condominiums, on the other hand, grew by only 2% over the same period. , Increased from 545 cases in the previous year to 556 cases. The total number of single-family to three-family homes, including single-family townhouses, increased by 27 in May 2022, or 10 more than in May last year.
For all three property types, transactions decreased from 1,283 to 1,254 year-on-year.
April, according to market report on listing portal StreetEasy Use different metrics, Home sales have moved rapidly. That month, median city homes spent 46 days for sale, 20 days less than in April 2021. This was accompanied by higher prices. In April, the average suggested price for housing in the city rose to $ 995,000. This is an increase of almost 5% over the previous year. In Manhattan alone, a total of 1,525 units signed that month. This has not been seen since May 2013. At that time, StreetEasy said it was in stock and a total of 19,000 units were sold in the city. I’m shy about 20,735, the highest price in 2019 when the market was sluggish.
According to Elliman, there were 953 new listings for all three housing types in May, up less than 1% year-on-year from 948 in May last year.
Beyond the East River, Brooklyn’s single-family home, condominium and co-operative contracts declined each year for the first time in three months, but new listings increased by just 1.7% from 237 year-on-year to 241.
Cooperative contracts in the Kings area decreased by 6.3% from 189 to 173, while condominium contracts decreased by 6% each year from 318 to 299. Even bigger, the decline in contracts for 1-3 households is 13.2. % Drops from 190 to 165.
“The supply shortage is retraining sales,” said Jonathan Miller, report author and appraiser for Miller Samuel. “The surge in rates is also causing a decline in demand.” It is combined. Told to Crain’s.. “It accelerates the affordable challenges created by supply shortages.”