New York City's new development market experienced a sharp decline in May, with 196 contracts signed, down from 237 the previous year. The drop was mainly driven by a significant decrease in contracts for homes priced under $4 million, reaching a 17-month low. Manhattan suffered the most, with only 94 contracts signed. The report suggests factors such as inventory shortages and external market concerns may be contributing to slowed buyer activity. Buildings with established sales outperformed newer launches, raising worries about future market performance.
New York City's new development market is facing notable declines, particularly in May, with new contracts falling significantly compared to a year ago, raising concerns for future sales.
Manhattan's market was hit hard, with only 94 contracts compared to 138 last May, and a significant drop in inventory impacting buyer confidence and contract numbers.
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