We'll be discussing the current state of the NYC real estate market, and also for the state of New York. New York is now in phase 4 of reopening, and July saw resale home sales increase by a significant measure as compared to June. However, the NYC housing prices trends have shifted from their normal course. After remaining firmly steady throughout the pandemic, July presented a whole new picture. Data by PropertyShark.com shows that July marked the strongest month of sales since March when the pandemic began.
A total of 2,343 real estate deals were closed across the four boroughs—33% drop as compared to last year's July. Compared to June, sales increased sharply by almost 40%. However, there was the sharpest decrease in the median sales price of the four boroughs. The median sales price in July was $680,000, trending down by 13% year-over-year. It also marked the lowest median sales price since March. The YTD median sale price in NYC stands at $687,419.
Earlier in June, the median sales price in NYC had hit $718,000 for the highest figure year-to-date. June also marked the first noticeable year-over-year price contraction, coming in 2% below June 2019's median of $735,000. The median list price of homes in New York (Realtor.com) was $799K in July 2020, trending down 5.8% year-over-year.
The statewide median sold price in New York climbed to $300,000, a 3.4% increase over the $290,000 level 12 months ago. The YTD gain was 4.4% to $287,000. The price growth can be attributed to an insufficient amount of homes available for sale as the “months supply of homes” shrunk by 15.8 percent year-over-year.