Manhattan Listings Fall to 6,098 as Contracts Rise 14.5% on Tight Inventory
Updated
Updated · westsiderag.com · Jul 21
Manhattan Listings Fall to 6,098 as Contracts Rise 14.5% on Tight Inventory
1 articles · Updated · westsiderag.com · Jul 21
Summary
Manhattan housing supply fell to 6,098 listings in July, down 9.2% from June and 9.9% from a year earlier, even as the market carried strong spring momentum into summer.
Contract activity reached 1,108, up 1.9% month over month and 14.5% year over year, signaling demand is holding up despite fewer homes available.
Net inventory deficits are pushing supply lower, and the report said no material influx of listings appears likely beyond normal seasonal bumps in fall and spring.
Rising rents are steering more buyers toward purchases, a shift the report said should keep upward pressure on Manhattan home prices after years of relatively flat pricing.