In a frightening report by StreetEasy, the number of homes for sale in New York City has declined 86% from last April. Today, there are just 717 homes on the market, as opposed to last year’s number of 5,095 homes.
“Most New Yorkers who don’t absolutely need to buy or sell right now simply aren’t doing so,” said StreetEasy Economist Nancy Wu. “The massive drop in inventory shows us that the majority of would-be sellers can wait, and are opting to do so to avoid any pressure to make price cuts."
As we've previously reported, there is a staggering number of people purchasing homes out in Connecticut. Areas are hot, but the city's market is as dry as it can be.
Although it was discovered rent prices have surprisingly risen, Manhattan market prices of homes for sale have fallen nearly 3%, according to the report.
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