NYC home sales down 40% from last year

Just wow! I had to post it.

New York City second-quarter home sales were nearly cut in half from one year ago, but prices and even new building permits went up, according to a study from New York University Furman Center for real estate and urban policy.

Home and condominium sales totaled 4,200 in the second quarter, down 40% from the same period last year and a 20% drop from the previous three months. The National Association of Realtors said the overall U.S. housing market started the third quarter with a steep drop in existing home sales, which could mean the New York City market could slow even further.

Other indicators in the market pointed up.

Home prices citywide increased 6% from the first quarter but remains 21% down from the peak. Prices increased 8% in the Bronx and Brooklyn from the previous quarter but remain more than 20% down from their peaks, according to the study.

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