More Homes for Sale, Higher Mortgage Rates: What New York Buyers and Sellers Should Know This Fall

A fall market with more choices—and higher costs

New York buyers have more homes to choose from than they did a year ago. But higher borrowing costs are making affordability harder—not easier.

That is the main takeaway from two recent reports. The New York State Association of REALTORS® reported that housing inventory increased again in August, while Freddie Mac’s latest weekly survey showed the average 30-year fixed mortgage rate rising above 7%.

For buyers and sellers across Manhattan, Brooklyn, Queens, the Bronx, and Long Island, these headlines call for a careful plan—not a rushed decision.

What the latest New York housing report shows

According to NYSAR’s report released September 23, the number of homes for sale statewide reached 34,037 in August, an 8% increase from August 2025. It was the 18th consecutive month of year-over-year inventory growth.

New listings also increased by 5.1%, giving buyers additional properties to consider.

At the same time, transactions slowed. Pending sales declined 4% from a year earlier, while closed sales decreased 1.8%.

More inventory and fewer transactions may give buyers additional room to compare homes and negotiate. But that does not automatically mean prices are falling: New York’s statewide median sales price increased 5.8% to $476,000.

These figures describe the statewide market. They do not establish the value of a particular apartment, townhouse, or single-family home.

More choice does not mean a balanced market yet

NYSAR reported a 3.8-month supply of homes in August, compared with 3.6 months a year earlier. The association considers approximately six to six-and-a-half months of supply a balanced market.

Inventory is improving, but the statewide figures do not yet point to a fully balanced market.

Conditions also vary substantially by neighborhood and property type. A Manhattan co-op, a Brooklyn townhouse, and a detached home in Nassau County can face different competition, financing requirements, and buyer demand.

Before drawing conclusions from a headline, look at the properties competing with yours—or the homes you could realistically buy.

Mortgage rates are putting more pressure on monthly budgets

Freddie Mac reported that the national average 30-year fixed mortgage rate reached 7.03% on September 24, up from 6.95% the previous week.

That figure is a national survey average, not a guaranteed rate for an individual borrower. Your quote may differ based on credit, down payment, loan size, property type, and other factors.

For buyers, the practical point is straightforward: a budget prepared several weeks ago may need updating.

The mortgage payment is only part of the calculation. Property taxes, insurance, maintenance, condo common charges or co-op maintenance, and potential assessments all affect the cost of ownership.

What buyers should do now

Refresh your financing numbers. Ask your lender to update your preapproval and estimated payment using current quotes. Compare lenders and review fees as well as the interest rate.

Use the additional inventory thoughtfully. More options can make it easier to compare condition, layout, location, and carrying costs. It is an opportunity to make a better-informed decision, not a reason to stretch your budget.

Negotiate based on the property. Time on market, price reductions, condition, and competing listings can help inform an offer. Statewide inventory growth alone does not prove that a seller will accept less.

Do not make the purchase depend on refinancing later. Future rates are uncertain, and refinancing involves costs and qualification requirements. The home should be affordable under the financing available today.

What sellers should do now

Price against today’s competition. Recent closed sales matter, but buyers also compare your home with active listings. Review both before choosing an asking price.

Prepare the details that reduce uncertainty. Building documents, ownership records, repair information, and clear carrying-cost figures can help buyers understand the property and move forward.

Evaluate the whole offer. Price is important, but financing strength, contingencies, timing, and—in a co-op sale—building requirements also affect the likelihood of closing.

If you plan to buy after selling, review both sides of the move together. Your sale proceeds and the cost of your next home belong in the same conversation.

The takeaway: focus on your property, not just the headline

The latest reports show a market with more available homes, higher prices than a year ago, and rising borrowing costs. Those conditions do not create one universal answer about whether to buy or sell.

A useful decision starts with your neighborhood, your finances, and your timeline.

Thinking about a move this fall? Contact Your NY Property for a clear, no-pressure conversation about your options—or request a free home market analysis.

About this market update

This article reflects NYSAR’s September 23, 2026 report on August housing activity and Freddie Mac’s September 24, 2026 mortgage-rate survey. Mortgage rates change, and Freddie Mac’s survey page updates weekly. Check current lender quotes before making a financing decision.

Market information is general; individual financing and property circumstances vary.