"Manhattan's condominium sales cooled over the summer, backtracking in July from a June surge that was boosted by a tax credit for home buyers. Condo sales declined 34% from the end of June to the end of July, according to Radar Logic's RPX Index. It was the largest decline for July since Radar Logic began collecting such data in 2000, the firm said. As sales declined, prices increased by 3% from... [more]
"Manhattan's condominium sales cooled over the summer, backtracking in July from a June surge that was boosted by a tax credit for home buyers.
Condo sales declined 34% from the end of June to the end of July, according to Radar Logic's RPX Index. It was the largest decline for July since Radar Logic began collecting such data in 2000, the firm said. As sales declined, prices increased by 3% from June to July and 5.4% from a year earlier to an average of $1,019 per square foot. "
http://online.wsj.com/article/SB10001424052748704631504575532172464973844.html?mod=rss_newyork_real_estate
I thought Miller said market is back to normal. Is this normal? Or is this people not buying because prices are increasing?
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Response by West81st
almost 16 years ago
Posts: 5564
Member since: Jan 2008
Seems exactly what you would expect to happen with the expiration of the temporary tax credit: a steep drop in sales of lower-priced units, resulting in sharply lower unit sales but higher average prices as the product mix shifted upward.
Thanks for posting, but to me this news looks like "Dog Bites Man", not vice-versa.
Seems exactly what you would expect to happen with the expiration of the temporary tax credit: a steep drop in sales of lower-priced units, resulting in sharply lower unit sales but higher average prices as the product mix shifted upward.
Thanks for posting, but to me this news looks like "Dog Bites Man", not vice-versa.