Real Estate
Manhattan Home Sales Tumble in a Market Clogged With Listings
- Deals drop for fourth straight quarter while inventory climbs
- Would-be buyers balk at overpaying after years of price jumps
It’s been a rough year for Manhattan’s home sellers, and they’re not about to catch a break any time soon.
In the three months through September, purchases dropped 11 percent from a year earlier to 2,987 -- the fourth straight quarter with a decline, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Listings piled on to the market at an even greater rate, climbing 13 percent to 6,925 homes, the most for a third quarter since 2011.