Manhattan real estate is now in a year-long correction
What started as a blip is now a year-long slump for Manhattan real estate. And it shows no signs of turning around.
Total real estate sales in Manhattan fell 11 percent in the third quarter compared with a year ago, marking the fourth straight quarter of double-digit declines, according to new data from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers & Consultants. It was also the first time since the financial crisis that resales of existing apartments fell for four straight quarters.