The housing market spiked in August as demand remains at high levels in many neighborhoods, particularly in the 1-3 Family and Condo categories. Affordability does appear to be impacting prospective buyers though, despite near record-low mortgage rates. After five consecutive months of year over year sales decreases, queens home sales increased over the year prior for the first time since February.
Absorption Rate: 671 sales/per mo.
Current Available Inventory: 3,814 (Last month: 3,763)
Month’s Supply: 5.7 Months
Last Month: 5.8 Months
Last year: 6.8 Months