An influx of sellers joined the New York City market, after a tight spring market those looking to purchase a home can choose from a wider selection this summer.
Inconsistent and high mortgage rates made it difficult for prospective buyers and sellers to join the market. In March 2024, the 30-year mortgage rate declined to 6.8% from 7.6% and most recently, it has increased again to 7%. In April, StreetEasy reported that “despite high asking prices, buyers are now regaining the upper hand with ample room for negotiating,” wrote Kenny Lee, economist at StreetEasy.“The median asking price in Manhattan remained flat compared to last year at 1.595 M,” wrote Lee.
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