New York Real Estate Market Sees Price Cuts High

There were 695 homes sold in the New York market over the last 30 days. During the same period, the total number of price reductions was 738, the most since July. In comparison, Elmont had 26 price reductions in the same time frame, the most of all nearby municipalities. As might be expected, as the number of sellers reducing price reached a new peak, the median sales price continued to fall, trending downwards for four weeks to reach $468,000. With prices falling, the availability of seven months of inventory means that New York is a solid buyer's market.

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Demographic facts about New York:

  • The median value of all homes is $455,200.
  • The area gets an average of 113 rainy days each year. (U.S. average: 100)
  • The unemployment rate for this area is 9.8%.
  • There are 13.4 students for every teacher. (15.3 = national average)

Data reported through 10/12/2016


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