Of the properties listed last spring that have been sold, 70% closed below their asking price, according to a new report from the listings site StreetEasy.

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Home sellers in New York City are in for a challenge this spring. Those who plan to list their properties for the first time in the next few months will have to contend with the large amount that didn’t sell last year.

A record-breaking wave of 12,000 homes were posted for resale on StreetEasy between March, April and May of 2018, but only 48% of them were sold as of this month, the site revealed in a new report.

While unemployment is dropping in the city, meaning New Yorkers are hopefully doing a little better financially, the main holdup for sellers was that prices were too expensive, StreetEasy found. Of the homes that sold since last spring, 70% closed below their initial asking price, compared to 62% of those listed during that season in 2017, it reported. Buyers secured a median discount of 5.5%, or $44,000,…