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New York Post
· collected 2026-09-16 · by Mary K. Jacob
In New York City, 21.8% of homes sold for more than their asking price in August, according to a StreetEasy report, despite higher mortgage rates averaging around 6.7%. This figure is particularly pronounced in Brooklyn, where nearly one-third of homes sold above the asking price, with some neighborhoods like Park Slope seeing up to 60% of sales close over ask. The market frenzy is driven by low inventory levels and intense competition among buyers.
Written by the local model on 2026-09-17,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Bidding wars are heating up in New York City, particularly in Brooklyn, despite higher mortgage rates that were expected to cool down the housing market. According to StreetEasy, 21.8% of NYC homes sold above their asking price in August 2023, and an even higher 25% did so in July, marking the highest share since 2022. The shortage of available properties is driving this competition, with citywide inventory down by 5% year-over-year and a significant 11.2% decrease in Manhattan listings alone.
Frances Katzen from Douglas Elliman emphasizes that while higher mortgage rates might deter some buyers, the market remains strong due to constrained supply. The city’s Department of Housing Preservation and Development estimates that New York needs an additional 700,000 new housing units over the next decade just to meet demand.
Written for “NYC Real Estate Market” on 2026-09-17,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
This article does not take a side on a contested political
question, so it has no leaning score. That is an
answer rather than a gap: a match report or a rescue can be warmly
or critically written without being left or right, and scoring it
anyway is how approval of a subject gets recorded as a political
position.
No political leaning scored for article 14581 · logged 2026-09-17
Higher mortgage rates were supposed to cool the housing market.
asserted
rates → suppose → market
In the Big Apple, something very different is happening.
asserted
something → happen → Apple
Despite average 30-year rates sitting at roughly 6.7% in August, 21.8% of NYC homes sold for more than their asking price, according to a new market report from StreetEasy.
uncertain
% → sit → StreetEasy
The month before was even more wild, with 25% of sales closing above ask in July, the highest share the city has seen since 2022.
asserted
city → close → 2022
Fueling the frenzy is a shrinking supply of listings, with total inventory down 5% year-over-year citywide and Manhattan alone seeing an 11.2% drop.
asserted
Manhattan → fuel → drop
A recent draft from the city’s Department of Housing Preservation and Development estimated that New York would need a whopping 700,000 new housing units over the next 10 years just to keep up with demand.
asserted
York → estimate → demand
For Frances Katzen at Douglas Elliman, the figures confirm what she’s already telling clients on the ground.
asserted
she → confirm → ground
Rate headlines and actual buyer behavior, she said, are two very different stories right now.
asserted
she → say → ?
“The biggest thing I’m telling sellers right now is, don’t confuse higher interest rates with a weak market.
asserted
I → tell → market
They’re not the same thing.
asserted
They → ’re → ?
“I would much rather launch into a market where inventory is constrained, even with higher mortgage rates, than wait for rates to come down and suddenly find myself competing against five other sellers who had exactly the same idea,” Katzen said in a statement.
asserted
Katzen → launch → statement
Nearly a third of homes in the borough sold above ask, and in Park Slope the number jumped to three in five sales closing over asking price.
asserted
number → sell → price
Greenwich Village saw an even sharper spike, with 40% of homes selling above ask.
asserted
% → see → ask
Brooklyn properties are also moving the fastest anywhere in the city, spending a median of just 69 days on the market in August, six days quicker than a year earlier, while the citywide median sits at 77 days to contract.
asserted
median → move → days
Sellers appear to be leaning into the imbalance rather than fighting it.
asserted
Sellers → appear → it
Instead of pushing prices as high as the market might bear, many are setting asks a notch lower to spark competing offers and let bidding wars do the heavy lifting.
uncertain
wars → push → lifting
The tactic shows up in the data too, with the citywide median asking price slipping 2% to $980,000 even as sale prices climb past that mark.
asserted
prices → show → mark
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