Manhattan home prices fell in April by the most in almost a decade. And buyers have pounced.
They signed 1,193 purchase contracts — more than any month since April 2015, according to a report this week by StreetEasy. The listings website’s price index fell 5.2% from a year earlier to $1.11 million. That was the biggest decline since April 2010, when the index — which measures changes in resale prices for the same properties over time — dropped 6.1%.
It’s a sign that Manhattan’s
sales market may be emerging from a yearlong slide. Buyers who had sat on the sidelines for fear of overpaying are committing to purchases as evidence mounts that prices are coming down and sellers are no longer demanding out-sized profits.
“Sellers are finally getting that many of their price expectations were not realistic,” said Grant Long, senior economist at StreetEasy. “They’re lowering their prices to a point that’s attractive to buyers.”