A decline in sales price growth and an increase in time that homes spend on the open market has created an advantage for buyers, according to a report released Monday.
StreetEasy said Manhattan and Brooklyn sales prices saw the smallest annual increase in four years last month. Manhattan’s median resale price in July was $994,458 (£758,997), but represented a 2% rise from July 2015. Brooklyn’s median resale price was $563,416 (£430,032) last month, a 4.7% jump over the same period last year.
StreetEasy economist Krishna Rao said this change in the market wasn’t an anomaly as buyers are waiting longer to find a deal among the high-priced options.
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