NYC’s resi market hasn’t been in a funk like this since 2009. Here’s what’s gone wrong.

New York’s residential market is still sliding. The city saw an 8 percent decrease, year-over-year, in overall transaction value in the second quarter, according to the Real Estate Board of New York’s quarterly residential sales report. It was the fourth straight quarter of declines — which hasn’t happened since the third quarter of 2009. Transactions in the second quarter totaled $12.3 billion, according to the report. Homes sales volume dipped 4 percent to 12,262 transactions. […]

Source: Real Estate

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