Following a slowdown in April and still down 3% year over year, Manhattan sales rebounded in May, rising 10% month over month, with inventory creeping up by 3% compared to April. Both the median listed price and average price per square foot remained steady month over month, but were 7% higher compared to May 2021. There were 35% fewer contracts signed year over year and 11% month over month, with the number of new listings following a similar trajectory, 22% down year over year, and 12% down month over month.
In May, Brooklyn sales soared to a 35% increase compared to April, with the median listed price and average price per square foot down slightly by 3% and 4% month over month, respectively. The number of new listings that hit the market was down 39% compared to April, ending a four month streak of rising inventory. Nonetheless, total inventory in Brooklyn was up 3% month over month and 9% year over year. The number of contracts signed was also on the decline for the first time this year, down 21% month over month and 28% year over year.
Queens real estate was strong in May, rising 18% compared to April and 13% compared to May 2021. The median listed price was on the rise after a slowdown in April, up 8% over month and 12% year over year. There were 2% fewer homes listed in May than in April, and 7% fewer than in May of 2021.
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