Signed contracts fell 3% last week, but remained 56% higher than a year ago. Resale contracts rose 6% from the prior week, while new development deals fell 33%. Units priced between $3 million and $5 million posted a 50% jump in signed contracts, the most of any price range. Upper Manhattan contracts were up 44% last week, the largest gain of any market area.
The number of available units for sale in Manhattan tumbled 14% at the beginning of September, contributing to a 23% drop in months’ supply to 4.7-months. The months’ supply for condos declined 22% to 5.2 months, while co-ops, at 4.4-months, decreased 24%. The West Side remained the tightest market with a 3.6-month supply of apartments for sale.