Early Fall Momentum Returns with Inventory Gains and Buyer Confidence

NYC’s housing market strengthened further this past week as both inventory and buyer activity gained traction. Elegran’s NYC Consumer Sentiment Index jumped from 0% to +20%, reflecting renewed confidence typical of early fall. This rebound is supported by the Federal Reserve’s first rate cut in nine months, a pivotal shift that could ease borrowing costs and stimulate more demand in the months ahead.

With supply rising for a third consecutive week and buyer sentiment improving across both Manhattan and Brooklyn, the market is showing encouraging momentum heading into the fall season.

Key Takeaways

Inventory Expansion:

• Manhattan: Supply climbed for the third straight week, rising 5.4% to 6,547 homes. New listings reached 516 units (–2.5% WoW, but still 12% above last year).
• Brooklyn: Supply rose 4.1% to 3,471 homes, with 247 new listings (–4.6% WoW, and 9% below last year). Supply levels now sit 2.8% above 2024, giving buyers more leverage.

Contract Activity & Sentiment:

• Manhattan: Contracts bounced back sharply with 196 deals signed (+48% WoW, +15% YoY). Consumer Sentiment improved from –22% to +9%, ending three weeks of declines.
• Brooklyn: Activity held firm at 113 contracts (–1% WoW, +11% YoY). Consumer Sentiment eased slightly from +57% to +56%, but remains a strong positive indicator.

Manhattan Supply

Inventory expanded for the third straight week, climbing 5.4% to 6,547 homes. While new listings edged down 2.5% week-over-week to 516 units, activity remains elevated - 12% higher than the same time last year. This suggests sellers are leaning into fall demand while maintaining momentum from early September.

Brooklyn Supply

Brooklyn’s market also posted gains, with inventory up 4.1% to 3,471 homes. New listings reached 247 units, a 4.6% weekly decline and 9% below last year. Still, overall supply now stands 2.8% higher than 2024, easing competitive pressure and expanding buyer choice.

Manhattan Pending Sales: Pending sales stayed virtually flat this week at 2,979 units.

Brooklyn Pending Sales: Brooklyn’s pending sales slipped 1.6% to 1,852 units.

Manhattan Consumer Sentiment

Momentum picked up sharply as 196 contracts were signed, a 48% increase week-over-week and 15% above last year. Elegran’s Manhattan Consumer Sentiment Index rose from –22% to +9%, breaking a three-week negative streak. This rebound suggests early fall demand is reasserting itself.

Brooklyn Consumer Sentiment

Brooklyn bucked the Manhattan trend by holding steady with 113 contracts signed (–1% WoW, +11% YoY). The borough’s sentiment index eased slightly from +57% to +56%, but still reflects robust buyer confidence and ongoing strength.

New Development Insights 

Marketproof tracked 35 new development contracts across 31 buildings. Top performers included:

• One Wall Street (Financial District)

• The Greenwich by Rafael Viñoly (Financial District)

• The Village West (Greenwich Village)

• 630 Grand Ave (Crown Heights)

Each recorded two contracts signed this week.