Prices tumbled dramatically in Manhattan and sales volume was down by over 14% during the 3rd quarter, compared to a year ago. This decline was due to a shrinking pool of international investment buyers and a new, higher transfer tax which had people scurrying to close in the spring before it was enacted.
Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultant and the author of this report said, “This is one of those moments where we’re starting to see the market pivot”.