#NYC: #Manhattan Home Prices Drop Most Since 2011

NYC home sales down 8% from a year earlier

First decline in the past 10 quarters and the biggest since the third quarter of 2012.

"It's just more signs that the sellers are capitulating"

In the three months through September, 93.6% of all purchases were at or below the last asking price, the second-highest share since the end of 2011. 

prices are settling at a level anywhere between 10% and 20% below their 2015 highs. 

The homes that sold in the third quarter spent an average of 192 days on the market. 

29% of Manhattan's inventory is priced over $3 million -- yet in the quarter, only 9.7% of closings were in that range.

See the whole piece on Bloomberg here: https://www.bloomberg.com/news/articles/2019-10-02/manhattan-resale-home-prices-drop-most-since-11-as-sellers-cave

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