Real Estate Sales in Manhattan Experience Significant Decline in Q1
TL;DR
Sales of rental apartment buildings have dropped by 74% in the first quarter of 2023, the largest annual sales decline for any quarter since the subprime-mortgage crisis. This is due to higher interest rates, regional banking turmoil, and slowing rent growth, which are all affecting demand for these buildings. Investors purchased $14 billion of apartment buildings in the first quarter of 2023, according to a preliminary report by data firm CoStar Group.
Topics:businessreal-estate#apartment-buildings#interest-rates#investors#real-estate#rent-growth#sales-decline
- Apartment-Building Sales Drop 74%, the Most in 14 Years The Wall Street Journal
- Manhattan real estate sales plunge 38%, but cash deals hit all-time record CNBC
- Manhattan Home Sales Plummeted in First Quarter Mansion Global
- Highest-priced home sales down in first quarter Crain's Chicago Business
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