Manhattan real estate has worst second quarter since financial crisis

via CNBC:

  • Manhattan real estate had its worst second quarter since the financial crisis, according to a report from Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.
  • Average sales prices fell 5 percent to $2.1 million.
  • Total sales in Manhattan fell 17 percent from the prior year.

Manhattan real estate had its worst second quarter since the financial crisis, with prices and sales dropping and inventory rising, according to a new report.

Total sales in Manhattan fell 17 percent in the second quarter from a year ago, according a report from Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. The average sales price fell 5 percent to $2.1 million.

Brokers blamed the decline partly on bad weather and other temporary factors. But analysts say the market is facing bigger pressures, from a huge pipeline of new condos to a dwindling number foreigner buyers, volatile stock markets and new tax changes that make New York less attractive.