(CNBC) Real estate sales in Manhattan have fallen eight out of the past nine quarters, according to a report from real estate brokerage firm Douglas Elliman and appraiser Miller Samuel.
The average sales price fell 7.5% to $1.8 million in the fourth quarter of 2019 and the median sales price fell below $1 million. Total sales were down, discounts were up and there is now an eight-month supply of unsold apartments.
While many brokers say they’re optimistic about a potential turnaround in 2020, real estate experts say they expect a continued — though perhaps slower — decline this year as tax pressures and rising inventory keep buyers on the sidelines.
Advertisement - story continues below