New York City’s Most Expensive Neighborhoods

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Home Prices Fall for the First Time Even In the Peak Season link

• Median home prices fell from $445,000 in June to $439,950 in July, a notable shift in a peak sales month. This decline suggests a cooling housing market and a potential opportunity for buyers waiting for more affordable prices.

• The number of homes for sale increased by 36.6% compared to the previous year, marking nine months of consecutive growth. The South saw the highest increase at 47.6%, with Tampa and Orlando experiencing the largest boosts in listings.

• Despite the overall price drop, the median price per square foot rose by 3.1% from last year, indicating a shift towards smaller, more affordable homes. Homes priced between $200,000 to $350,000 saw the most significant growth, increasing by 47.3% year over year.

Mortgage Rates Fall as Pending Home Sales Grow link

• Pending home sales rose 4.8% in June as mortgage rates dropped below 7%, finishing at 6.86%. However, annual contract signings were still down as buyers waited for potentially lower rates.

• Active listings surged 36.7% year-over-year, with inventory increasing for both new and existing homes. Despite this rise, listings are still below pre-pandemic levels, keeping home prices high and many buyers out of the market.

• Regionally, pending sales increased monthly across all areas: 6.3% in the South, 4.7% in the Midwest, 3.4% in the West, and 3.0% in the Northeast. Yet, annual contract signings dropped in most regions except the West, which saw a 1.0% rise.

Luxury Home Prices Spike 9% to All-Time High link

• Luxury home prices increased by 8.8% year-over-year in the second quarter, reaching a median sale price of $1,180,000. This is more than double the 3.8% increase for non-luxury homes, which reached a median of $342,500.

• The luxury market remains stable due to a rise in all-cash buyers, making up 43.7% of sales, compared to 43.2% the previous year. High mortgage rates have less impact on luxury buyers, who often benefit from strong stock markets and high equity.

• Metro areas like Providence, RI, and San Jose, CA saw the highest price increases at 16.5% and 16.4% respectively. Luxury home sales rose the most in Nashville, TN (20.4%) and Tampa, FL (14.3%), but fell significantly in Newark, NJ (-20.1%).

Retail Net Absorption Improves in Q2 link

• The retail availability rate stayed steady at 4.7% in Q2, as slow leasing activity was balanced by minimal new development. Net absorption rose 21% from the previous quarter, reaching 5.4 million sq. ft.

• Retailers continued closing underperforming stores, while high construction and borrowing costs restricted new projects. Completions dropped 35% quarter-over-quarter to 4.5 million sq. ft.

• Demand outpaced supply, pushing average asking rent up by 0.5% from the previous quarter and 2.3% year-over-year to $24.17 per sq. ft. Secondary and tertiary markets showed strong demand growth in Q2.

New York City’s Most Expensive Neighborhoods link

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It looks like a community college, but I like it!

If you haven’t been, Pacific Palisades is one of my favorite neighborhoods in the whole world.

Link to the listing

That's all, folks.

Cheers,

Vidit

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