The New York City residential sales market recorded an eight percent decrease in citywide consideration (monetary value for completed transactions) totaling $12.3 billion in the second quarter of 2018, compared with the second quarter of 2017.
This was the fourth consecutive quarter of year-over-year declines in total residential sales consideration. The New York City residential sales market has not experienced four quarters of consecutive year-over-year decreases since the third quarter of 2009. The approximately $1 billion decrease in total consideration during the second quarter of 2018 was smaller than the previous quarter’s year-over-year drop of $2 billion.
Despite the year-over-year consecutive decreases in citywide total consideration, this quarter was among the highest in total consideration recorded since the second quarter of 2006. The $12.3 billion in citywide total consideration recorded was the sixth highest recorded out of the 49 quarters REBNY has analyzed. The second quarter of 2017, which this quarter is measured against, was the third highest quarter for total consideration on record.
Total residential sales consideration decreased in three of the five boroughs year-over-year. During the second quarter of 2018, total residential sales consideration decreased from last year’s second quarter by: 15 percent to $5.94 billion in Manhattan; seven percent to $2.74 billion in Brooklyn; and less than one percent to $2.21 billion in Queens. Total consideration increased 10 percent to $470 million in the Bronx and 25 percent to $883 million in Staten Island.