New York-Area Home Sales Dip Slightly Year-Over-Year as Overall Inventory Shrinks

Home sales in the New York metropolitan area — defined by the U.S. Census Bureau as 23 counties across New York, New Jersey and Pennsylvania — are holding up better than the rest of the country, according to the latest research from Homes.com. Sales in the area slipped just 2.8 percent in August when compared to the same month last year. 

Nationally, home sales dropped 4.3 percent year-over-year in August. The New York area’s housing market ranks sixth out of the top 40 national markets for its annual sales activity change, according to the Homes.com research. 

Sellers in the New York metro continue to list homes, with new listings rising 10.3 percent year-over-year to 5,694. However, overall inventory in the area dropped 3.1 percent, which is well behind the national benchmark gain of 5.4 percent. The New York metro area’s inventory of homes for sale — 22,336 — also remains 30.7 percent below pre-pandemic levels.

“A wave of fresh listings couldn’t stop inventory from shrinking,” Victor Rodriguez, senior director of market analytics at Homes.com, wrote in the report. “Price growth cooled from a year ago, but competition for homes stayed strong.”

Home prices are also on the rise, but they aren’t increasing at alarming speeds, according to the research. The median home sales price in the counties encompassing the New York metro area rose 3.3 percent over the past year to $785,000 in August, which exceeded the national benchmark increase of 2.1 percent. 

Mortgage prices will be the wild card as the year winds down. 

“The average weekly mortgage rate jumped to 6.95 percent in September, the highest it’s been since January 2025,” Rodriguez wrote. “Some buyers may feel the squeeze of higher borrowing costs in the months to come.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.