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REBNY: Sales Volume Posts Second Monthly Gain
Total investment and residential sales volume across New York City posted a monthly increase of 11% between June and July, the Real Estate Board of New York reported Wednesday. However, REBNY said transactions were off 52% on a year-over-year basis.
July was the second consecutive month that investment and residential sales activity increased since the COVID-19 pandemic began, in what REBNY called a positive sign that the industry is inching towards recovery. Sales activity and the accompanying tax revenues bottomed out in May and have slowly begun to climb as city and state make public health strides.
“As New York State continues to successfully manage the ongoing public health crisis, we must also focus on managing the ongoing economic crisis using strong leadership and smart, thoughtful policymaking based on data,” said REBNY president James Whelan. He called for more federal relief, expanded unemployment insurance and effective management of municipal affairs.
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- ◦Economy
- ◦Sale/Acquisition
