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Sellers are slashing prices on a record number of NYC homes
The market hasn’t seen price cuts like this since at least 2006
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