New York Spring MArket Update 4.22

Competition remains fierce in Manhattan as homebuyers are not giving up on finding their home. The record-low inventory and surging prices have shown us a very competitive spring market. Some never thought buyers would flock back to NYC, especially now with the mortgage rates exceeding 5%. According to this yahoo article.

Buyers need to know they have to act quickly in this spring market as housing prices surge. The median sales price has risen 10.7% year over year. However, the market may soften as mortgage rates continue to increase.