Time to Buy? Manhattan Real Estate Has Worst Second Quarter Since Financial Crisis

Real estate in Manhattan isn't a bargain by anyone's definition, but the market has nonetheless cooled, according to a prominent realtor's latest report.

Some 2,629 real estate sales closed on the island in the second quarter, down 17 percent year-over-year and the lowest total for the quarter in nine years, according to Douglas Elliman Real Estate and real estate appraisers Miller Samuel. 

The median sales price in the quarter was $1.1 million, down 7.5 percent over the same period last year. 

"Uncertainty continued to play an important role in the current housing market as the market reset continued," the report said. 

Listing inventory was just a hair under 7,000 units, the highest total since 2012, the realtors said. Bidding wars -- sales over the latest asking price -- also fell to a six-year low. 

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