The New York City real estate market reopened Monday, June 22, 2020, as the City of New York enters “Phase 2” and Long Island enters “Phase 3” of reopening, which lifts restrictions on the City’s real estate industry and further reopens Long Island, which has been at a virtual total lockdown since March.
According to new real estate numbers released today, housing costs forecasts show a 3% growth on housing costs nationally, which is consistent with pre-COVID projections, but existing homes sales fell 9.7% nationally in May.
Demand has been “pent-up” according to experts who say NYC and other areas in the New York-Metro area will see a surge in buyers and rentals beginning this week.
