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The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
According to the latest batch of New York City market reports, Manhattan’s average home sales are down over last year, Downtown saw a slowdown in new leases in the second quarter, and more NYC hotels are for sale than any time before. Check out more in our roundup of the week’s market reports.
Residential
May 2016 Manhattan residential sales: Citi Habitats
Manhattan home sales averaged $2.4 million last month, a 21 percent decline over May 2015, which was boosted by several high-end sales. Read the full report here.
U.S. existing home sales: National Association of Realtors
Existing home sale prices reached their highest pace in nearly a decade last month. Sales jumped 2 percent from April to May, and were up 4.5 percent over the same period last year. Read the full report here.
Manhattan luxury contracts June 13-19: Olshan Realty
The luxury sales market set a year-to-date record with 35 contracts signed during the second full week of June. Asking price volume totaled $258.8 million and averaged $7.7 million. Read the full report here.
Commercial
Q2 2016 Manhattan office leasing: JLL
Class A vacancy was down to 11.4 percent in the second quarter of the year from 11.6 percent, while leasing activity slightly rose. Nearly a third of Manhattan’s top 20 leases were for space in Midtown. Read the full report here.
June 2016 NYC hotel insights: JLL
More than 30 hotels across New York City are currently listed for sale, more than any other time in the past. Foreign investors are expected to be the largest buyers of hotels in 2016. Read the full report here.
U.S. commercial real estate pressures: Pacific Investment Management Co.
Tighter regulations, maturing loans and uncertain foreign capital are putting pressure on the U.S. commercial real estate market. Read the full report here.