New York Metro home prices rise 4.4% in August

OneKey MLS said August housing data showed higher prices across every property type in its New York metro area coverage, even as inventory inched up and homes took about the same amount of time to sell. The shift suggests buyers have a little more room to negotiate, but elevated rates still leave the market tilted toward sellers.

Why it matters: - New York metro buyers got more options in August as inventory rose and new listings increased. - Higher prices and slightly slower sales suggest the market is easing, but not turning into a buyer’s market. - Affordability remains strained even as buyers gain more time to shop and compare homes.

What happened: - In August 2026, the median sales price across all property types in the OneKey® MLS service area rose 4.4% year over year to $741,500. - Closed sales slipped 0.5% to 4,858. - Single-family home prices climbed 4.3% to $805,000. - Condo median prices rose 7.4% to $580,000. - Co-op median prices increased 5.5% to $316,575.

The details: - New listings across all property types increased 3.5% to 5,750. - Homes for sale rose 1.3% to 16,801. - The average time on market held steady at 46 days, unchanged from a year earlier. - The affordability index fell 6.1% to 62. - OneKey® MLS said the region remains a seller’s market, but with less urgency than during the tightest inventory period. - The August report noted that elevated mortgage rates continued to challenge affordability. - For the full August 2026 Housing Market Insights, readers can access the complete market data.

Between the lines: - The data point to a market that is cooling at the edges rather than weakening outright. - More inventory and stable days on market give buyers more leverage, but price gains show sellers still have the upper hand in much of the region. - National housing trends were broadly similar, with existing-home sales down 1.7% month over month to a seasonally adjusted annual rate of 4.06 million units. - The National Association of REALTORS® said the U.S. median existing-home price reached $431,400, with inventory at a 4.6-month supply and year-to-date sales up 2.4%.

What's next: - OneKey® MLS will continue tracking whether rising inventory translates into slower price growth in coming months. - Buyers may see more negotiating room if listings keep building and sales remain muted. - The market’s next test is whether affordability improves enough to bring more sidelined buyers back in.

The bottom line: - New York metro housing is loosening, but not enough to shift power away from sellers yet.