Real Estate Prices Fall Sharply in New York

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The coronavirus has dealt a blow to the Manhattan real estate market unmatched in recent history, and the prospects of a near-term recovery remain unclear.

The number of closed sales in the second quarter were down 54 percent compared to the same period last year, the largest decline in at least 30 years, according to a new report from the brokerage Douglas Elliman. The median sales price fell 17.7 percent, compared to the same time last year, to $1 million, the biggest drop in a decade.

The number of contracts signed for apartments in June, the latest indicator of buyer appetite, was down 76 percent, compared to the same time last year.


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