New York home sales drop to the slowest pace in the country as prices keep climbing
Buyers stepped back in May. Sellers held the line on prices. The result was one of New York’s most uneven housing months of the year, with demand cooling sharply even as home values pushed higher.
Home sales fall to the weakest pace in the country
New York home sales dropped sharply in May. Just 3,553 homes sold, down 14.6% from a year earlier, the steepest decline of any major U.S. metro. The slowdown hit every part of the market. Single-family sales fell nearly 16%, townhome sales dropped more than 9%, and condo sales were down about 14%. Homes also continued to sit longer. The typical New York listing took 103 days to sell, the longest stretch of any major market and 4% longer than a year ago. Affordability strain remained the biggest factor pushing buyers to the sidelines, but softer local conditions added to the slowdown. A shrinking population and continued private-sector job losses over the past year have weighed on demand, leaving fewer active buyers competing for homes than in past springs.
Inventory creeps higher as more sellers test the market
Housing supply rose slightly, but not enough to ease conditions for buyers. Active listings increased 0.9% from a year earlier to 25,743 homes, well behind the national pace. Listings remained 30.4% below pre-pandemic levels, a reminder of just how tight the New York market still is. New listings ticked up 3.6%, a sign that more sellers are starting to come off the sidelines. Even so, the boost in new supply hasn’t translated into a meaningful rebuild of available homes, leaving the market more constrained than most others around the country.
Prices keep climbing, even as demand weakens
Despite the sales slowdown, New York home prices moved higher in May. The median home sold for $760,000, up 2.7% from a year earlier and outpacing the national gain of 1.8%. New York ranked 13th nationally for annual price growth and remained one of the most expensive markets in the country, with prices roughly 92% above the U.S. median. Values also moved closer to the market’s recent peak of $770,000, reached in mid-2025, signaling that pricing power has held firm even as buyer activity has slowed.
New York Sale Prices
The median home sale price in New York increased by 2.7% compared to the same time last year, while the national median price rose by 1.8%.
New York ranks 13th for annual median price change among the top 40 US markets
New York median home prices rose by $20,000 year over year on a nominal basis in May to $760,000. Meanwhile, the national median home price increased by $7,000 to $395,000.
New York's median home price is above the nation's
New York was the fifth highest-priced housing market among the top 40 largest markets last month. The New York median home price of $760,000 was 92.4% above the national median home price. New York's median home price in May compares to the market's peak of $770,000 recorded in June of 2025.
New York single-family prices increase
The median price of New York single-family homes rose by $40,000 over the past year to $835,000, while the median townhome price declined by 11.1%, and the median condo price rose by 4.0%.
New York Inventory
The number of homes for sale in New York increased by 0.9% in May compared to the same time last year, while national homes for sale rose by 4.3%.
New York's inventory of homes for sale increases
New York homes for sale rose by 233 year over year in May to 25,743 homes for sale. New York ranked 27th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.
New York homes for sale are below their pre-pandemic levels
New York homes for sale were below their pre-pandemic levels in the month of May. New York homes for sale were 30.4% below the May 2019 total of 37,011.
New York single-family inventory grows
New York single-family homes for sale grew by 0.2% to 8,181 in May. In comparison, townhomes for sale rose by 1.1% to 1,922, and condos for sale increased by 1.3% to 15,640.
New York Home Sales
The number of home sales in New York decreased by 14.6% in May compared to the same time last year, while national home sales dropped by 1.2%.
New York home sales decrease
New York home sales declined by 605 year over year on a nominal basis in May to 3,553. For context, 4,158 sales closed in New York in May 2025.
New York's annual home sales activity change ranks 40th nationally
New York ranked 40th for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May decrease of 14.6% compares to the 8.0% year-over-year decrease in May 2025.
Single-family sales in New York are lower than a year ago
New York single-family sales decreased by 15.9% in May to 1,516. In comparison, townhome sales fell by 9.4% to 298, and condo sales fell by 14.2% to 1,739.
For questions and commentary about this report:
Victor Rodriguez, Senior Director of Market Analytics at CoStar and Homes.com, based in New York, is available for interviews to provide expert insights on this data and the broader residential real estate market.
Victor Rodriguez
Senior Director of Market Analytics
Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in New York during May 2026.
For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.
Definition of Sale Prices
Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Inventory
Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Home Sales
The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
About the Homes.com Market Analytics Team
The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.
About Homes.com Analytics Data
The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.
The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.