New York City housing inventory has dropped to a 30 year low. Available homes fell 3.9% year over year, closed sales declined 10.8%, and homes going under contract dropped 8%. New listings also slipped 3.9%, pointing to a slower pipeline of future transactions. Despite the softer activity, median home prices held steady at around $425,000 while mortgage rates remain at approximately 6.22%. The state is estimated to need about 800,000 new homes over the next decade to keep up with demand, but strict zoning, high construction costs, and slow permitting continue to limit new development.
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