May, however, brought a tentative return of transactional activity, with a total of 1,337 sales recorded. We defined NYC as the four boroughs of Manhattan, Brooklyn, the Bronx and Queens. However, the fourth week of the month saw only 276 deals register, becoming the slowest week year-to-date. In fact, at $724,900, the first week of April featured the highest median sale price of 2020 by that point, only to be surpassed by the third week of the April with its $750,000 median. As a result, May’s median sale price stabilized at $700,000 for a mere 2% gain over May 2019 — the smallest year-over-year price growth of any month in 2020 thus far. That figure represented a 36% Y-o-Y drop in sales — the least-drastic decrease since March. We asked Jonathan Miller, president of the appraisal firm Miller Samuel (author of Douglas Elliman market reports ) for some hard data on how the average home price has changed in the past 10 years across … Its 329 sales were the month’s highest weekly figure – although it only registered seven more sales than the second week of the month. June’s first week however, brought new hopes of the market returning to normal, with sales activity on the rise and, at $743,000, the highest median sale price of the year so far. Overall, Queens registered 5,137 sales in the first half of 2020 for a median sale price of $585,000. “In January and early February, there was an industry consensus that the market was picking up organically,” said Jacques Cohen, leader of The Jacques Cohen Team at Compass. Manhattan emerged as the hardest hit residential market in the city, with H1 sales activity down 31% year-over-year and the median sale price 13% lower. Median asking rent Just one week ago, the effects of COVID-19 had yet to appear in officially registered sales data, due to the usual lag between an actual sale and the date of its registration. However, while it was one of the highest weekly median sale prices in 2020, it still came in 2% below year-ago levels. As such, any effect of the August wrapped up with negative pricing trends across the board, coming in 5% below August 2019 figures and contracting 15% M-o-M. The third week of March – up to and including March 20 – also showed positive trends across the board. As a result, July’s recovering sales activity also decreased the YTD sales activity by only 1% Y-o-Y. Overall, the last week of April has shown modest signs of increased activity. Indeed, between March 23 and March 27, only 566 residential sales were registered in NYC, making it the slowest week of sales so far this year. However, it must be noted that June 2020 figures were skewed beyond just the pandemic’s effects – sales activity and the median sale price surged artificially in June 2019 as buyers and sellers rushed to close deals before the new mansion tax went into effect in July 2019. Most recently, the last week of May clocked in at $730,000, gaining 10% over year-ago figures. All figures were calculated at city level, regardless of borough. July sales activity, however, did not experience the same influential increase in Brooklyn as the other three boroughs. A persistent lack of housing and new apartment construction is causing higher prices for homes and rentals.Last month, home sales grew 1.7% YoY, to 7,563 from 7,437 units. Earlier in June, the median sales price in NYC had hit $718,000 for the highest figure year-to-date. This was influenced not only by current conditions, but also by June 2019’s rush to close deals before the new mansion tax went into in effect in July 2019. We excluded all sales below $10,000, as well as all package deals. Specifically, at $716,500, April’s first two weeks posted a median sale price 10% higher than year-ago figures. June 2020 will be a curious month to watch for transactional trends, considering that June 2019 saw surging sales activity as NYC buyers and sellers rushed to close deals before the new mansion tax went into effect in July 2019. We excluded all sales below $10,000, as well as all package deals. At $724,900, the first week of April featured the highest median sale price of 2020 by that point, only to be surpassed by the third week of the April with its $750,000 median. The first four month’s sales activity finished 16% below the same period last year. Although the Bronx closed the first half of 2020 with the lowest median sale price of the four boroughs as usual, it actually recorded the second-highest price increase. As a result, not only was the week of May 17 through May 24 the slowest since mid-April, but it also marked the sharpest week-over-week contraction since mid-April, as well, dropping 11%. July, however, posted the sharpest decrease of the four boroughs’ median sale price, and also marked the strongest month of sales since March. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. More significantly, though, its $676,500 median sale price was 3% below the same period last year, marking the first negative year-over-year price growth in 2020. June brought even more activity to the NYC housing market, with the month’s 1,670 sales coming in just 41% below June 2019 levels. For this snapshot of the COVID-19 pandemic’s influence on the NYC residential market, we considered all sales of condo, co-op, single- and two-family homes registered between January 1, 2019, and June 28, 2019, as well as January 1, 2020, and June 14, 2020. The second week of June 2020, however, posted a median sale price of $679,000, for a week-over-week drop of 9% – the sharpest week-over-week decrease since the start of the crisis. This comes after the uncertainty and upheaval of March, as well as an April that was marked by historical lows in sales activity and the strongest pricing trends of in 2020. As a matter of fact, only three weeks were weaker in terms of transactional activity compared to the same period last year – none of which dropped by more than 3%. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. For this snapshot of the COVID-19 pandemic’s influence on the NYC residential market, we considered all sales of condo, co-op, single- and two-family homes registered between January 1, 2019, and August 31, 2019, as well as January 1, 2020, and August 31, 2020. Meanwhile, pricing trends were firmly positive through most of the crisis, and the median sale price in NYC remained steadily above the same period last year – until June. Transactional activity, of course, has trended negative since the start of the crisis. However, May kicked off with noticeably stronger sales trends than April, registering 737 deals in the first half of the month. Selling a property can take a long time, and in NYC the average selling time…. on the sidelines,” Cohen detailed. Theoretical Models of Real Estate Asset Prices Real estate asset price theory starts with the rent “fundamental” determined in Ricardian Monocentric models (e.g., Muth 1969). On the other end of the spectrum, June’s median underwent a Y-o-Y price contraction of 37%, due, in part, to the rush to close high-end deals prior to the mansion tax during the year prior. Rent or Buy? All figures were calculated at city level, regardless of borough. Its 8% year-over year gain brought the H1’s median sale price from $420,000 in 2019 to $455,000 in 2020. These Are the Most Popular Keywords NYC Agents Use to Sell Fast. This also made June 2020 the most expensive month YTD, even as it closed with a 2% Y-o-Y drop in its median, which was influenced, once again, by the artificially inflated pricing in June 2019. Rather, at $680,000, July 2020 featured the lowest median sale price since March, bringing down the YTD median for the four boroughs. Unfortunately, August prices trended even lower, declining 2% M-o-M and 1% Y-o-Y. And, while sales activity during the second week of March finished half a percentage point below the same period in 2019, the difference represented a mere five sales: 741 versus 745. In fact, that $734,000 median sale price represented a 10% gain over the same period last year, for the second-strongest year-over-year gain so far in 2020. 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