The August market recap reveals that the New York City real estate market is showing signs of stabilization, with 831 contracts signed, 4% higher than last year.
Despite being 1.3% short of the seasonal average, the drop in inventory signals a tightening market, providing sellers with increased leverage heading into fall.
The steady decline in inventory levels to 5,815 active listings indicates stronger market conditions, highlighting potential shifts in buyer and seller dynamics.
Manhattan's real estate market is moving away from the 'volume trap,' where activity lagged, driven by evolving buyer demand and inventory dynamics.
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