Economics
Manhattan Home Sales Drop to Decade Low for a First Quarter
- Sellers are discounting, but not deep enough to attract offers
- Inventory continues to climb, giving buyers more choices
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Manhattan’s would-be homebuyers are in no rush to make deals, while the number of condos and co-ops on the market continues to rise.
Purchases dropped for a sixth straight quarter in the first three months of 2019 as sellers struggled to cut prices deeply enough to attract offers. Transactions totaled 2,121, the fewest for a first quarter since 2009, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday.