Skip to toolbar

Real estate prices fall sharply in New York

Real estate prices fall sharply in New York

July 2, 2020032327

Share

Even after a full quarter of sales data in the middle of the pandemic, it is difficult to define the form of a possible recovery. More than 90 percent of second-quarter sales were actually signed before the virus hit New York in March, said Bess Freedman, managing director of brokerage firm Brown Harris Stevens.

“A lot will depend on what happens with schools at the end of the summer,” said Freedman, as few potential buyers with children who have left town to escape the pandemic will choose to return if virtual classes continue.

Repressed demand from buyers who were unable to see the apartments before the city reopened is expected to fuel sales in the next quarter, and home sellers seem to agree. Last week, 550 new listings hit the market, almost twice as many as the same week last year, according to UrbanDigs, a real estate data company. But overall, Manhattan listings are still down 26% from last year, the first year-over-year drop in stocks in five years, according to the Corcoran group.

“I would like to say that it fell because we sold everything, but that is not the reality,” said Pamela Liebman, general manager of Corcoran, noting that many sellers have withdrawn their homes from the market due to the closure.

Despite the significant drop in selling prices during the quarter, it takes more time to understand the sharp drop. “There are many examples of discounts, and just as many without,” said Miller, who notes that the market is now only entering normal.

SharePrevious articleExpected US job growth surge for June may not lastNext articleChristopher Nolan slaps down Anne Hathaway prohibitions of chairs on the plateau

RELATED ARTICLESMORE FROM AUTHOR

CoronaVirus

Coronavirus: treat home staff and residents for regular tests

CoronaVirus

Researchers say New Jersey, New York is no longer on track to “contain” the virus

CoronaVirus

Coronavirus US: Texas Governor Orders All Residents To Wear Masks – As Happened | US news

CoronaVirus

Why have deaths remained stable while Covid-19 infections are increasing?

CoronaVirus

“No half measure or exception” in the fight against COVID-19 as B.C. announces 24 new cases and 3 additional deaths

CoronaVirus

Texas issues statewide order requiring face cover

CoronaVirus

New COVID-19 death brings Alberta death toll to 155

CoronaVirus

Coronavirus News Live: Latest Updates As UK School Boards Tell Teachers To Distance

CoronaVirus

NY is no longer on track to contain coronavirus, study finds

CoronaVirus

Live coronavirus updates: Quebec records 69 new cases and 8 deaths in the past 24 hours

CoronaVirus

Covid-19 suspected workplace outbreaks double in one week | Society

CoronaVirus

Herman Cain receives coronavirus treatment at an Atlanta hospital

LEAVE A REPLY

Save my name, email, and website in this browser for the next time I comment.- Advertisement –

LATEST NEWS

Tottenham warned not to make the same Gareth Bale transfer mistake with Harry Kane

admin – April 7, 20200

Algeria recalls envoy to France for “malicious” broadcasts

May 28, 2020

Cory Wharton reacts after MTV fires girlfriend Taylor Selfridge for racist comments

June 11, 2020

MUST READ

Snapshots: Canucks will have a Swedish advantage if the NHL returns

admin – May 15, 20200

Sporting Lisbon president admits transfer value of Bruno Fernandes

admin – May 8, 20200

Mohamed Salah kept his word in Liverpool to win the Premier League title

admin – June 27, 20200Load more

ABOUT USFR24 News is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the entertainment industry.Contact us: www.fr24news.com@gmail.comFOLLOW US  

© fr24news.comThis website uses cookies to improve your experience. We’ll assume y

Social media & sharing icons powered by UltimatelySocial
error

Enjoy this blog? Please spread the word :)

RSS
Follow by Email
LinkedIn
LinkedIn
Share
Scroll to Top