NYC Housing Inventory Falls, Fueling Fierce Bidding Wars

NYC housing inventory fell 5% year over year in August, with Manhattan down 11%, intensifying competition for well-priced homes. About 22% of city properties sold above asking price, led by Brooklyn at 32%, especially Park Slope with over 61%. Brooklyn homes sold fastest, averaging just over two months. Rising mortgage rates and a shrinking new-development pipeline contribute to the scarcity, fueling ongoing bidding wars.