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.