The monthly contract activity stood at 979 in June, down 6% both compared to last year and from the 1,042 historical average for the month. The Median Sales Price is $1,024,000, at the moment, 1.5% up from last year. The supply, which is the number of units on the market, stands at 7,003, down 6.8% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 3,357, this value is 4.8% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.48, 2% higher than last year, and 20% higher than last month, telling us that we moved from a buyers market to a more neutral zone…are we tending to a seller market? We’ll see…

Luxury Segment:
Last week 24 contracts were signed above the $4 million mark, 1 more than the previous week, with a total asking price of $246,959,000. The most expensive contract signed was unit PH17/18D at 740 Park Avenue. A full-floor 9,455 square feet condo including 3 bedrooms and 5 terraces, asking $25 million.

Rental Market:
Following three consecutive months of setting new records, the median rent dropped by 2.2% to $4,300, making it the second-highest in history. New lease agreements, which typically show seasonal growth, rose by 0.4% compared to the previous year, totaling 5,165, slightly below the decade’s average of 5,336 leases signed in June.