Real estate sales in New York City fell by 5.6% in January, the second straight month of declines, according to a report by brokerage CoreLogic.
New York’s real estate market is experiencing its largest drop in more than a decade, according the report, and it’s not only a sign of the ongoing economic slowdown.
“Sales of single-family homes fell by 7.3% in the month of January compared to the same month last year,” CoreLogics reported.
“This was the lowest December monthly drop in the CoreLogical CoreLogix database of residential real estate sales, a trend that has continued throughout 2017,” the brokerage said.
“The median price of new homes in New Yorks metro area fell by 3.6%.
The median price for homes under $300,000 fell by 9.6%, according to CoreLoges data.”
The median house price in New Orleans was $5.5 million, down from $6.5-6.8 million in December, CoreLogis said.
The median home price in Boston, New York, and Philadelphia was all down in the same amount, by 6.6-7% respectively.
Real estate prices in Chicago, Los Angeles, and San Francisco are all still above $1 million.
The CoreLogica report said that a majority of new listings on the market were under $100,000.
The New York market is now one of the most expensive in the nation, with prices for single- and duplex homes up 13.5% and 10.4% respectively in January.
Sales of single and duplles rose by 17.2% and 17.1% in December and January.