InvestNot yet confirmed elsewhere1 publisher2 min readPublished
New York's median asking price for homes falls 6.8% in a year, faster than in Florida
New York State's median home listing price fell 6.8% from a year earlier to $605,000 in September, Wolf Richter of Wolf Street reported. New York asks are now falling about twice as fast as Florida's, the steepest annual drop of the four states in his report.
The Investor · Invest desk
What happened
- New York's listing median had flatlined at record levels for two years before the summer drop, and September's figure was the lowest for that month since 2023.
- Transaction prices had held up in New York, according to Richter, while they have fallen or plunged in many markets in Florida, Texas and California.
- Listing prices have been sinking for the past few years in Florida, Texas and California, the three states Richter tracks alongside New York.
Why it matters
- cost At the median, New York sellers now ask about $44,000 less than a year earlier, a cut taken on paper that the state's sale prices had not yet confirmed.
- decision New York owners who have not sold must choose between cutting, which pulls the listing median down directly, and withdrawing the home, which takes their price out of the count.
- exposure Condo owners carry the most exposure if New York follows Florida, where condos fell harder than houses and four markets dropped below their 2006 bubble peaks.
Richter's figures track asking prices, and asking prices move with seller behavior before any sale closes [3]. When a seller cuts the price, the new price becomes the listing price. A home pulled off the market drops out of the count, and a home relisted lower comes back at the lower number [3]. "So listing prices show what sellers are struggling with," Richter wrote [4].
New York's fall is more than double California's 3.1% and Texas's 2.5% [19]. "In New York, until recently a beacon of strength, the bottom fell out over the summer," Richter wrote [5].
Asking prices and sale prices are separate measures, and so far New York has weakened only on the first [6] [1]. Florida has gone through both, with its falling asks showing up in sale prices [10]. Single-family prices in Collier County are down 12% from their peak, and St. Petersburg condos are down 30% [11] [12].
The headline median also overstates how much the price of the same amount of house has moved. From their peaks, Florida's median ask is down 13%, but its price per square foot is down only 7% [8] [9]. In Texas the figures are 9% and 4% [15] [16], and in California 6% and 3.4% [13] [14]. So the per-square-foot declines run at 44% to 57% of the headline declines, and most of the remainder comes from the homes on the market getting smaller [17]. The split over the past year differs by state. Florida's price per square foot fell 3.8%, slightly more than its 3.5% headline drop, while California's fell 1.0% against a 3.1% headline drop, about a third of it [18].
For New York, the report gives the headline median and Richter's description of sale prices as having held up, but it does not include a per-square-foot figure [6] [1]. That leaves two readings. If New York's price per square foot fell by close to 6.8%, sellers there are cutting the price of the same house, as Florida's did over the past year [18]. If it fell by something nearer California's 1.0%, most of the drop comes from a change in which homes got listed [18].
I think the number shows New York sellers backing off asks that sat at records for two years [7]. It does not yet show the weakness reaching closed sales there. That view is wrong if New York transaction prices start falling in the months ahead, the way Florida's falling asks showed up in its sale prices [10].
What to watch
- New York's October median listing price against a year earlier, to see whether the summer drop persists.
- Listing medians in other states where sale prices have held up; similar drops there would support the case that the weakness is spreading.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+25
- Incentives30
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Listing prices are now sinking in New York, where transaction prices had held up; in Florida, Texas and California, transaction prices have fallen or plunged in many markets.
ReportedSupportedSource: Wolf Richter, Wolf Street2 sources— create a free account to open themView cited source - [2]
Listing prices have been sinking in Florida, Texas and California for the past few years.
ReportedSupportedSource: Wolf Richter, Wolf Street2 sources— create a free account to open themView cited source - [3]
Listing prices are asking prices: when sellers cut the price, the new price becomes the listing price; when sellers pull a home off the market because it did not sell, that price vanishes from listing prices; when they put it back at a lower price, the new price becomes the listing price.
- [4]
"So listing prices show what sellers are struggling with."
- [5]
"In New York, until recently a beacon of strength, the bottom fell out over the summer."
- [6]
In New York State, the median listing price plunged in recent months, falling 6.8% year-over-year to $605,000 in September.
- [7]
New York's September median listing price of $605,000 was the lowest September since 2023, after the median had flatlined at record levels over the prior two years.
- [8]
Florida's statewide median listing price in September dropped 13% from the September 2022 peak and 3.5% year-over-year to $409,950, the lowest since November 2021.
- [9]
Florida's median listing price per square foot dropped 7% from the September 2022 peak and 3.8% year-over-year to $249, the lowest since December 2021, according to Realtor.com data.
- [10]
The downtrend in Florida listing prices has shown up in actual transaction prices, with condos hit harder than single-family homes.
- [11]
Florida single-family transaction prices have dropped from 2022 or 2024 peaks, including Lee County -18%, Sarasota County -17%, Collier County -12%, St. Petersburg -10%, Tampa -6%, Jacksonville and Orlando -5%.
- [12]
Florida condo transaction prices have plunged from prior peaks, including Cape Coral -34%, St. Petersburg -30%, Fort Myers -27%, Sarasota County -24%; in four of these markets prices are below their 2006 Housing Bubble peaks.
- [13]
California's median listing price in September declined 6% from the September 2024 peak and 3.1% year-over-year to $725,000.
- [14]
California's median listing price per square foot dropped 3.4% from September 2024 and 1.0% year-over-year to $456.
- [15]
Texas's median listing price in September declined 9% from the September 2022 high and 2.5% year-over-year to $355,765, the lowest September since 2021.
- [16]
Texas's median listing price per square foot dropped 4% from September 2022 and 2.1% year-over-year to $181.
- [17]
From peak, per-square-foot listing price declines were 44% to 57% of headline median declines in Florida, Texas and California; the remainder approximates a fall in the size of the median listed home.
- [18]
Year over year, Florida's per-square-foot decline (3.8%) slightly exceeded its headline decline (3.5%), while California's (1.0%) was about a third of its headline decline (3.1%).
- [19]
New York's 6.8% year-over-year decline is the largest of the four states: about twice Florida's 3.5%, and more than double California's 3.1% and Texas's 2.5%.
- [20]
New York's implied September median listing price a year earlier was about $649,000, so the median ask is about $44,000 lower.
Sources
1 independent publisher whose own reporting we read for this story.
Topics and entities
Follow any of these and your For You feed starts watching them — no settings page required.
Topics
- Home listing pricesFollow
- US Housing MarketFollow
Entities
- Wolf StreetFollow
- Wolf RichterFollow
- Realtor.comFollow