The recent drop in mortgage rates to a two-year low of 6.2% has led to a surge in home contracts in New York City, increasing 26.4% from the previous year.
In September 2024, the total number of homes entering contract in New York City was 1,676, marking the largest increase for that month since 2021.
Meanwhile, despite a 3% decrease in Queens' inventory, demand remained strong, leading to a 3.4% increase in the median asking price, rising to $670,000.
The increase in new listings by 7.1% helped balance the market dynamics, resulting in only a slight dip in total homes available, down 0.2% year-over-year.
#new-york-city-real-estate #mortgage-rates #housing-market-trends #real-estate-listings #queens-housing-market
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