【World Property Journal】New York City Residential Sales Dive 50 Percent During Coronavirus Outbreak

According to the Real Estate Board of New York's Q2 2020 Quarterly Residential Sales Report, both New York City's total residential sales volume and total residential transactions decreased significantly, reaching their lowest points since REBNY started reporting in Q1 2006.

From April 1 to June 30, 2020, citywide total residential sales volume decreased 50% year-over-year, from $12.8 billion to $6.4 billion, the lowest point in residential sales volume since Q4 2011. Every borough, with the exception of Staten Island, experienced declines in total sales volume.

Citywide residential transactions decreased 43% year-over-year, from 11,413 to 6,534 sales, with all five boroughs seeing a decrease in the number of transactions. The average sales price of a home in New York City in the second quarter of 2020 was $975,806, a 13% decline year-over-year.
 

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