Monthly Manhattan condo sales drop

Condominium unit sales in Manhattan dropped 34 percent from the end of June to the end of July, the largest decline for this time of year since real estate data and analytics company Radar Logic began keeping records in 2000. The decline followed a 27 percent increase in condo sales from the end of May to the end of June, which was the largest May-to-June increase ever seen by Radar Logic, according to a company report released today. “These market dynamics were caused by a surge in condo sales at the low end of the spectrum during the month of June and a subsequent correction during July,” the report says. The Financial District experienced the highest decline in sales transactions, with a 48.7 percent decrease in July, compared to June. The East Village and Lower East Side together also saw a sharp decline of 48.3 percent in condo sales transactions between June and July. However, the third quarter overall saw an uptick in home sales activity, as a relatively slow rate of new inventory
helped drive Manhattan home prices upward, as The Real Deal reported last week. TRD