New development contracts slow down in July
Manhattan notched 120 contract signings for $428M.
New development sales withered in the July heat, falling below pre-pandemic levels for the second straight month.
While July typically sees less contract activity than its preceding months, last month also fell short in comparison to prior years and pre-pandemic averages. The 217 contract signings was a nearly 14 percent decrease from last year, and a 9 percent drop from the 2015 to 2019 July average, according to Marketproof’s monthly report.
Total deal volume last month was $570 million, with a price per square foot of $1,746. Contrast this with last July’s numbers, with a deal volume at $613 million with a median price per square foot of $1,682.