Manhattan real estate is now in a year-long correction

Posted by Staff Reporter on Oct 04, 2018 05:17 PM EDT
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Manhattan real estate is now in a year-long correction more big
Manhattan real estate is now in a year-long correction (Photo : Pixabay | paulbr75)

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.

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