Manhattan home sales plunged the most on record in the second quarter, while New York was shut down to prevent the spread of Covid-19.
Purchases of co-ops and condos in the borough tumbled 54% from a year earlier to 1,357, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest annual decline since the firms started keeping the data in 1990.
Most buyers in the quarter went into contract before mid-March’s shelter-in-place orders banned in-person showings. The median price of completed deals fell 18% from a year earlier, the biggest drop since the second quarter of 2009.