Manhattan home sales off record 50 percent, market reports show

*yawn*

LOL yawn all you want. Your beloved inflated Manhattan market isn't coming back anytime soon.

While some people have been talking about an uptick, I've been watching properties within my search parameters arrive on the market or get price-chopped. Some have become "unavailable" (often only until they're relisted) and a small number have gone into contract. A 50% decline in transaction volume YOY makes perfect sense.

"Still, the most accurate snapshot of the current market comes from resales, (Miller) said, since new development sales often close long after contracts are signed. According to Elliman's report, the median resale price was $725,000 in the third quarter, down 25.6 percent from $975,000 in the prior year quarter."

The attempts at positivity in the findings are all Q1 vs. Q2 - winter vs. spring - whereas the YOY numbers are dismal.

Exactly Tenemental. How anyone can look at the actual numbers & still insist on being Bullish in this market is beyond me but it is very funny to watch.

Yesterday it wasn't true, and today its "old news".

Still funny.