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Manhattan Home Sales Drop to Decade Low for a First Quarter

• https://www.bloomberg.com, By Sydney Maki

Purchases dropped for a sixth straight quarter in the first three months of 2019 as sellers struggled to cut prices deeply enough to attract offers. Transactions totaled 2,121, the fewest for a first quarter since 2009, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday.

"You have a seller generally overpriced and willing to make discounts that bring them closer to the market, but the buyer is not willing to come up," Jonathan Miller, president of Miller Samuel, said in an interview. "The bigger the disconnect between buyers and sellers, generally speaking, the lower the sales activity is."

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