New York metro home prices rise 3.6% as inventory grows

Home prices across the New York metro area kept climbing in September even as higher mortgage rates cooled sales, according to OneKey MLS. Buyers are getting more choices, especially in condos, while affordability and closing speed remain under pressure.

Why it matters: - New York metro housing stayed expensive in September even as demand cooled, leaving buyers to face higher prices and higher borrowing costs at the same time. - More inventory is giving shoppers more leverage, especially in the condo market, but affordability is still worsening.

What happened: - The median sales price for all property types rose 3.6% year over year to $720,000. - Single-family home prices increased 4.7% to $785,000. - Condo prices climbed 4.2% to $560,000. - Co-op prices held at $300,000. - Closed sales across all property types fell 1.7% to 4,316. - Pending sales slipped 0.8% to 4,093. - Co-ops were the exception, with closed sales up 6.2% and pending sales up 11.3%.

The details: - Inventory rose 2.2% to 17,405 homes. - New condo listings jumped 15.9%, adding to buyer choice. - Well-priced single-family homes sold for an average of 100.3% of original list price. - Single-family homes went under contract in 43 days on average, three days faster than a year earlier. - The Housing Affordability Index fell 10.1% from last September. - OneKey MLS said the market is balancing as higher mortgage rates squeeze buyer budgets and realistic pricing gets rewarded. - OneKey MLS is the largest MLS in the New York metro area and serves 11 counties: Bronx, Dutchess, Manhattan, Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan and Westchester.

Between the lines: - Rising inventory and softer sales suggest the market is moving away from the intense competition of recent years, but not toward cheaper housing. - Condos appear to be leading the shift in supply, which could give first-time buyers and downsizers more room to negotiate. - National conditions are adding pressure, with existing-home sales down 2.0% in September to a seasonally adjusted annual rate of 3.98 million, the first reading below 4 million since June 2025. - The national median existing-home price rose 1.6% to $429,100. - The Federal Reserve raised its benchmark rate by a quarter point on Sept. 16, its first increase since July 2023. - The 30-year fixed mortgage rate topped 7% in late September.

What's next: - Buyers should continue to see more listings if condo inventory keeps growing. - Sellers with realistic pricing may keep outperforming the broader market. - Affordability will likely remain constrained as borrowing costs stay elevated. - Full September Housing Market Insights includes county-level data and the complete report.