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Manhattan Homebuying Market Echoes 2009 With Supply Pileup
- Biggest discounts in a decade luring some high-end shoppers
- Transactions still tumbled 46% from last year’s third quarter
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For Manhattan home sales, it’s beginning to look a lot like 2009.
Unsold listings in the third quarter surged to 9,319, a level not seen since the midst of the global financial crisis 11 years ago. It would take 20.3 months to clear all the available inventory, the longest stretch since 2009 as well, a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate shows.