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Grant Long, senior economist at StreetEasy Grant Long, senior economist at StreetEasy

NEW YORK CITY—Home prices are down and inventories are up in Manhattan, according to the Q3 StreetEasy Market Report. The real estate listings company recorded a Manhattan price index falling to $1,142,742, a decrease of 1.8% or $20,597, compared to last year. StreetEasy states this is the largest decline in prices since the recession that accompanied the real estate crisis.

The company also notes Manhattan’s for-sale inventory reached close to its post-crisis highs with approximately 5,000 new homes listed in the third quarter. This was an increase of 7.8% from last year. Manhattan homes are also staying on the market for longer—reaching a median of 96 days, a record time period since 2012.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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