…Despite the continued trend of declining supply,
the Queens housing market experienced an
increase in sales resulting in the fastest pace seen
in 5 years. Listing inventory fell 28.9% to 6,225
from the prior year quarter, the lowest quarterly
inventory recorded in the 8 years of this report
series. The number of sales expanded 8.1%
to 2,493 sales from the prior year quarter. The
combination of falling supply and rising demand
resulted in an 6-year record low absorption rate
or market pace of 7.5 months, measured by the
number of months it took to sell all inventory at
the current rate of sales. The lack of supply is
beginning to reveal upward price pressure in the
market…