Manhattan home prices fall as sellers concede to slowing market

New York

MANHATTAN resale home prices tumbled by the most in more than four years, a sign that sellers are lowering their expectations in a slowing market where buyers have the option to walk away.

The median price of previously owned condominiums and co-ops fell 6.3 per cent in the fourth quarter from a year earlier to US$900,000, according to a report on Wednesday from appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. It was the first annual decline since the beginning of 2015, and the biggest since the third quarter of 2012, when resale prices dropped 8.1 per cent.