“There’s just not enough”: Declining inventory drives up competition for NYC homes

Competition for New York City homes intensified in the late summer months, with more properties selling above asking price than a year earlier, often an indication of bidding wars. One in five properties in the city, about 22 percent, traded for more than their last asking prices, up from 21 percent a year earlier. Though the increase was relatively marginal, it indicates sustained momentum from July, when 25 percent of homes sold above asking — the highest share since 2022, according to a StreetEasy report published earlier this week.  That share was even higher in Brooklyn, where 32 percent of […]

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