Manhattan’s real estate market, like the market across the United States, is cooling off after a white-hot year.
Existing-home sales hit a six-month slump in July, the National Association of Realtors reported in its August 18 report across the US. Home prices fell for the first time in three years in July, as sales were 20.2 percent lower than they were one year ago, according to a report by mortgage software, data, and analytics firm Black Knight. It was the biggest single-month decline in prices since 2011. The firm also noted July’s performance was the second-worst dating back to 1991.
Manhattan’s luxury home market was no exception. Data from Miller Samuel and Douglas Elliman reports showed that sales contracts for co-ops and condos in Manhattan fell 30% in the second quarter compared with June 2021, CNBC noted in a separate report.
By August, the market’s sales reached its lowest point since August 2020, according to Olshan Realty’s weekly sales report.
“We kind of went from driving down the autobahn at 120 miles an hour to back on the thruway at 55 miles an hour, and it just seems much slower,” said Jennifer M. Corcoran, a real estate salesperson at CORE Real Estate, who called 2021 into 2022 “the best years” of many real estate agents’ careers.
Officials at the Federal Reserve indicated in July that the slowdown in the housing market will continue, according to the New York Times. However, the market is sending conflicting signals. Upcoming…
