Manhattan Condo Prices Decline the Most in Three Years

New York Real EstateManhattan condominium prices fell in April by the most in more than three years, a sign the market is slowing during the busiest selling season. Sale prices for previously owned units dropped 1.4 percent from March, the biggest decline since September 2010, after four consecutive monthly increases, according to a report today by real estate website StreetEasy.com. Condo prices are likely to be little changed through the spring, rising 0.1 in May, StreetEasy projected.

Purchases and prices typically rise during the second quarter, traditionally an active time for New York real estate. Contracts to buy condos in April dropped 3.2 percent from the previous month and almost 14 percent from a year earlier, signaling that buyer appetites have cooled after competition for tight inventories pushed up values, according to StreetEasy.

“After a record-breaking finish to 2013 and beginning to 2014, we may have approached the upper price limit to where buyers are willing or able to meet sellers,” Alan Lightfeldt, a data analyst at New York-based StreetEasy, said in the report.

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