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Manhattan apartment sales plummet in fear of recession

Manhattan apartment sales fell 30% in the previous quarter as recession, rising interest rates and fears of a fall in the stock market cooled the heated real estate market. Did.

Manhattan sales slowed slightly, but real estate prices remained high. Media sales prices rose to a record $ 1.25 million in the second quarter of this year, according to reports by Miller Samuel and Douglas Elliman.

According to CNBC, sales for the three months from April to the end of June totaled over 3,800, the highest total in the second quarter since 2007.

But these sales were negotiated earlier this year — the S&P 500 approached the territory of the bear market before oil prices exceeded $ 100 a barrel. The value of cryptocurrencies has declined.

Real estate sales fell sharply last month, and analysts expect it to worsen next quarter as it more accurately reflects the atmosphere on Wall Street.

Median co-operative prices reached a record high of $ 865,000 and median condo prices just below $ 1.9 million, according to data analyzed from completed transactions. did.

Manhattan apartment building
Getty Images / iStockphoto

Empty units before the purchaser purchases It was on the market for 86 days. Found — down from 137 days in the first quarter.

However, the recession towards the end of the quarter meant that inventories increased by 15% compared to the first quarter. As of the end of June, there are 7,968 active lists.

Manhattan's residential real estate sales reached a record $ 7.3 billionin the three months preceding the last quarter.

Aerial view of Manhattan
Getty Images / iStockphoto

First quarter sales in the autonomous region were 3,585. It increased by 45.9%. Compared to the previous year, it is 48.9% higher than the pre-pandemic level.

Buying real estate in Manhattan has become exorbitantly expensive, but now it costs tenants arms and legs to rent real estate in the autonomous region.

In Manhattan, the median rent reached $ 4,000for the first time, according to a report released by Douglas Elliman last month.

This high amount shows a 25.2% year-on-year increase from the median rent in Manhattan of $ 3,195, which was aggregated in May 2021.