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Sales of Houses, Condos in Double-Digit Drops Citywide
New York City residential sales, including both one-to-three-bedroom family homes and condominiums/co-ops, have seen three consecutive quarters of year-over-year declines, according to the Real Estate Board of New York. First-quarter dollar volume of $10.3 billion was down 16% from Q1 2017, while the number of transactions slid 10% from the year-ago period.
“The declines in consideration and transactions are largely attributable to a slowdown in sales activity at the high end of the Manhattan market,” said John H. Banks, REBNY president. “Demand has remained strong in other important market segments, as demonstrated by several new average sales price records set for cooperative units and one-to-three-family dwellings throughout the boroughs.”
Sales of Manhattan homes priced at $3 million and above were down 30% Y-O-Y. The largest decline in sales by price range was the $5-million and above category, in which the number of sales fell 37% Y-O-Y.
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