The NYC Real Estate Market Isn't Crashing, It's Summer

We've been feeling it, and the numbers are backing it up.  The market is back to the normal "summer slowdown."  

Fewer buyers are out there, and fewer homes have been coming on the market.  Inventory in Manhattan (currently 8,628) and Brooklyn (6,097)  has consistently been in the same range the last couple of months.  Both track with a normal summer, though last week pending sales were actually up slightly (4,452 Manhattan, 3,864 Brooklyn). 

If the market were crashing, inventory levels would be rising, pending sales would be dropping, and prices would be slashed.  That's just not happening.  Buyers and sellers are doing what they always have done over the summer - slowing down, taking time off, and traveling (especially this year!).