Stock Market Swoon Pulls Rug Out from under Luxury Home Sales

Estimated Reading Time: 2 minutes

The June sell-off did a job on them.

 

Manhattan luxury real estate vs. stock market downward spiral in June: In the week through June 19, only 12 sales contracts were signed for condos, co-ops, and townhouses with asking prices of $4 million and above, the worst week since the week of December 28, 2020 (with 10 contracts), according to today’s weekly report by Olshan Realty.

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The number of contracts was about one-third of the average number of contracts signed in the prior 52 weeks, and down 70% from the same week in June last year (41 sales).

“This anemic performance coincided with the S&P 500 Index dropping 5.8%, its worst week since March 2020. The S&P has fallen 11 of the last 12 weeks,” Olshan’s report said.

An analysis by Redfin, released earlier in June, found that sales of luxury homes – priced in the top 5% of the local market – during the three-month period through April across the US plunged by about 18% year over year — a much smaller drop than what is now occurring in Manhattan. But the Redfin report was for data only through April, and stocks have dropped quite a bit further since then.

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“There are only two instances in the past decade when there were steeper declines: the three months ending June 30, 2020 (-23.6%) and the three months ending May 31, 2020 (-21.6%),” the Redfin report said……

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Continue reading this article at  Wolf Street.

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