May 15, 2020
New York City’s total residential sales volume and total residential transactions decreased significantly in the first quarter to reach their lowest points since Q1 2014 and Q4 2011, respectively, according to the Real Estate Board of New York’s (REBNY) Q1 2020 Quarterly Residential Sales Report.
Sales volume of condominiums, co-ops and one-to-three-family homes decreased 16% year-over-year in Q1, from $10.5 billion to $8.7 billion. Citywide residential transactions also decreased 16% year-over-year, from 10,382 to 8,702 sales. The data does not reflect the expected significant decline in market activity as a result of the COVID-19 public health crisis and stay-at-home order issued in late March.
“As we expect to see residential sales again decrease next quarter, now more than ever, we must collaborate on effective and sensible policies at the city, state and federal levels to jumpstart New York City’s economy,” said REBNY President James Whelan.
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