Sellers are slashing prices on a record number of NYC homes

The market hasn’t seen price cuts like this since at least 2006

TRD New York /
Sep.September 21, 2018 10:15 AM

(Credit: iStock)

Home sellers in New York City cut prices on almost 800 listings in one week in September, which is the highest amount of price cuts in at least 12 years.

There were 774 homes in Manhattan, Brooklyn and Queens that saw price cuts in the week ending Sept. 9, Bloomberg News reported, citing data from StreetEasy. This was the highest number for any weeklong period dating back to 2006 and shatters the prior record from March 2009, when 713 homes saw price chops.

Manhattan also saw 662 additional listings that week, the third-highest number for any week in data that StreetEasy has collected. That said, sellers with older listings will typically make adjustments when new properties hit the market post-Labor Day.

StreetEasy senior economist Grant Long told Bloomberg that the week was “a big gut-check for sellers” who are “having to come down and bring prices to where demand actually exists.” [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
ButterflyMX CEO Cyrus Claffey (iStock; ButterflyMX)

ButterflyMX raises $35M to grow smart-intercom business

ButterflyMX raises $35M to grow smart-intercom business
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
565 Broome Street and 35 North Moore Street (Photos via 565BroomeSoHo and Google Maps)

Manhattan sees highest number of luxury contracts signed since early March

Manhattan sees highest number of luxury contracts signed since early March
(Photo courtesy of Winkworth)

London’s so-called skinniest home hits the market

London’s so-called skinniest home hits the market
(iStock)

Déjà vu: New home sales hit 14-year high in August

Déjà vu: New home sales hit 14-year high in August
Housing and Urban Development secretary Ben Carson (Getty; iStock)

CoreLogic’s screening algorithm may have discriminated against renters: lawsuit

CoreLogic’s screening algorithm may have discriminated against renters: lawsuit
220 Central Park South with Louise Sunshine and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo trades for over $10K psf

Another 220 Central Park South condo trades for over $10K psf
The Real Deal's Amir Korangy, Fredrik Eklund and Louise Sunshine

Louise Sunshine and Fredrik Eklund hold court on selling luxury

Louise Sunshine and Fredrik Eklund hold court on selling luxury
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...