New York area homebuyers are still hesitating on Manhattan while piling into the suburbs and Brooklyn.
Contracts to buy Manhattan co-op apartments declined 26% in August from a year earlier, while pending condo deals plummeted 38%, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
Meanwhile, new listings in the borough surged -- by 68% for co-ops and 30% for condos.
The story was different outside Manhattan. Shoppers fanning out from the city’s business core, in search of more space for working and learning from home, pushed up demand pretty much everywhere else last month.
• Contracts to buy single-family houses in Greenwich, Connecticut, almost tripled from a year earlier to 136 deals. The greatest increase in demand was in the range of $1 million to $1.99 million, with 50 contracts, up from 13 in August 2019.
• In Westchester, single-family contracts jumped 57% to 780. Even condos fared well, with deals climbing 24%.
• In the Hamptons, there were 278 signed deals for single-family homes, more than double last August’s rate.
Brooklyn saw a near tripling of co-op deals, with 138. Most were for properties priced under $1 million. Condo contracts jumped 33% to 200.
This article was provided by Bloomberg News.