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New York metro home sales fell 2.8% year over year in August

New listings rose 10.3% year over year to 5,694, even as overall inventory fell 3.1% to 22,336 homes for sale.

Reported · Written up by our desk · Residential

Home sales in the New York metropolitan area, covering 23 counties across New York, New Jersey and Pennsylvania, slipped 2.8% year over year in August, according to research from Homes.com shared by Commercial Observer.

The report said sales nationally fell 4.3% year over year in August, while the New York metro ranked sixth among the top 40 national markets for annual sales activity change.

Homes.com found new listings in the New York metro rose 10.3% year over year to 5,694, but overall inventory declined 3.1%, leaving 22,336 homes for sale.

The inventory level remained 30.7% below pre pandemic levels, and Homes.com attributed the continued inventory shrink to listings not being enough to offset the drop, while noting price growth cooled from a year ago and competition stayed strong.

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