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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zillow Group Inc | NASDAQ:Z | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.78 | 1.51% | 52.42 | 52.40 | 52.43 | 52.86 | 51.88 | 52.00 | 383,163 | 15:14:11 |
NEW YORK, July 25, 2018 /PRNewswire/ -- Sales inventory reached new highs across the city over the last quarter, leading to a record number of homes offering price cuts in Manhattan and Brooklyn. The share of homes with a price cut rose in every submarket across the city, led by the Upper East Sidei, where one in three homes for sale received a price cut, according to the Q2 2018 StreetEasy Market Reportsii.
Amid higher inventory, sales prices started to cool. The StreetEasy Price Indexiii fell 1.1 percent in Manhattan to $1,160,419 and stagnated in Brooklyn at $724,733. This drop in Manhattan home prices is the largest year-over-year decrease since the financial crisisiv. Queens prices bucked this trend, increasing 7.3 percent to $530,556 - the highest level on record.
"The dynamics of the city's real estate market have favored renting over buying for some time now, though the tide may be starting to turn," says StreetEasy Senior Economist Grant Long. "New Yorkers with the means for a down payment now have more options to choose from than at any point in the past seven years — and this trend isn't just contained at the high-end, where we've been seeing rising inventory for several years now. Heading into the fall, buyers are in a strong position to strike a deal and can afford to shop around, wait for the right home, and negotiate aggressively."
See below for additional sales and rental market trends across Manhattan, Brooklyn and Queens.
Q2 2018 Key Findings — Manhattan
Q2 2018 Key Findings — Brooklyn
Q2 2018 Key Findings — Queens
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed at streeteasy.com/blog/research/market-reports/. Definitions of StreetEasy's metrics and monthly data from each report can be downloaded at streeteasy.com/blog/download-data/.
About StreetEasy
StreetEasy is New York City's leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey.
Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The Upper East Side submarket includes Lenox Hill, Yorkville, Carnegie Hill, Upper Carnegie Hill and Upper East Side neighborhoods.
ii The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. Every three months, a quarterly analysis is published. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan, Brooklyn and Queens, with more than a decade of history for most metrics. The reports are compiled by the StreetEasy Research team. For more information, visit https://streeteasy.com/blog/research/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan, Brooklyn and Queens.
iii The StreetEasy Price Indices track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Levels of the StreetEasy Price Indices reflect average values of homes on the market. Data on the sale of homes is sourced from the New York City Department of Finance. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
iv The StreetEasy Manhattan Price Index was down 2.3 percentage points year-over-year in May 2010
v StreetEasy has tracked annual changes in the Manhattan Rent Index since 2011.
View original content with multimedia:http://www.prnewswire.com/news-releases/a-flood-of-new-home-inventory-leads-to-the-most-discounts-since-the-financial-crisis-300686042.html
SOURCE StreetEasy
Copyright 2018 PR Newswire
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