With mortgage rates approaching 6%, sales activity has cooled off in the Big Apple.
While the housing slowdown has occurred across the board, it is “heavily concentrated in the sub-$1 million market,” Garrett Derderian, Serhant’s director of market intelligence, wrote in a blog post.
The number of sale contracts signed for Manhattan homes priced under $500,000 fell 37% from June through August compared to the same period one year earlier. The sales figure is also down 29% from its average level in the 10 years prior to the COVID-19 pandemic.For homes priced between $500,000 to $1 million, the number of signed contracts was down 41% year-over-year in the summer months and 15% compared to the 10-year average ending in 2019, according to the firm’s calculations.
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